Stephen Donnelly (Wicklow, Social Democrats)
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494. To ask the Minister for Jobs, Enterprise and Innovation if her Department has conducted a review of demand for prime office space in Dublin city centre; if this study has been conducted, the projections of future annual demand in tabular form; and if she will make a statement on the matter. [33410/16]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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The availability of cost effective and flexible property solutions continues to play a key role in supporting the delivery of FDI into Ireland. The agencies of my Department, in particular IDA Ireland, are in continuous dialogue with key stakeholders in the property market to ensure that the required competitive property solutions are available in the short and medium term. IDA has valuable insights into the technical and commercial requirements of FDI spanning sectors and activities.

My Department has not conducted a review of demand for office space in Dublin as there are a number of sources of up-to-date information relating to supply and demand of prime office space in Dublin city centre. Recent analysis indicates strong take up of office space for 2015 equating to 2.9 million square feet. This level of take-up is comparable to peak levels. Research by JLL indicates that vacancy rates are relatively low at 3.7 percent in the city centre although they are higher in the wider Dublin area at 12 percent. There has been an increase in construction activity with an estimated 3.1 million sq ft currently under construction of which 82 percent is in the city centre. An estimated 32 percent of property under-construction for Dublin is pre-let.

Notable developments currently underway include: Vertium, a new 172,000 sq. ft. office building on Burlington Road– due for completion in April 2017; No.32 and No.40 Molesworth Street are two of 4 new developments currently under construction on the street and the first of these, No.32 is due for completion in October 2016; Irish Life is expected to commence construction of a new building at Nos.69-71 St Stephens Green before year end.

In the South Docklands, Park Developments and Target Investment Opportunities are on-site or imminently going on site with two prime buildings due for completion in late 2017/early 2018. IPUT and Cosgrave are also on-site with The Exchange in the IFSC, the only new office development to LEED Gold standard that is west of the CCD within the IFSC.

IDA Ireland also holds a property portfolio for the purposes of promoting industrial development throughout Ireland. These property solutions service both IDA Ireland and Enterprise Ireland client companies. This portfolio is dynamic and changes over time based on changing industry needs.