Investment in Ireland’s AI sector is supporting demand for office space in Dublin, where vacancy fell to 13.4% in Q3 2026. In Q2, the figure was 13.9% and a year earlier, 14.3%.
AI companies in Ireland have raised an additional €256m in 75 deals since the start of the year. This is down from the €691m raised in 107 deals in 2025, but PitchBook describes the change as a “normalization, not a retreat”. The median deal value is €1.6m, down from €2.4m a year earlier, remaining above levels seen in any year before 2025.
“Independent analysis by PitchBook shows the scale of investment now flowing into Irish AI companies, with almost €1bn raised since the start of 2025,“ says Enterprise Ireland CEO Jenny Melia.
OpenAI leads office deals
According to Colliers, 530,884 sq ft of office space was leased in Dublin in the third quarter across 55 deals. Total volume for the first nine months of the year reached 1.6 million square feet, although the quarterly result was about 15% below the previous quarter and below the five-year average.
The largest deal was for OpenAI, which acquired 88,261 square feet at Tropical Fruit Warehouse through a lease transfer from TikTok. This was followed by Klaviyo’s lease at One Le Pole Square for 57,264 square feet and flexible office operator Pembr’s deal, which took the entire site at 16 St. Stephen’s Green.
More than 1 million square feet had been reserved at the end of September. This supports Colliers’ expectation that annual demand will approach the decade-long average of 2.5 million square feet. When the expected deals are finalized, the effective vacancy rate could drop to 11.4%.
Companies are expanding their teams
Demand comes from various sectors - technology, media and telecommunications, finance, professional services, retail, flexible offices, healthcare and pharmaceuticals. However, AI companies are emerging as one of the drivers of interest in quality office space in central areas.
Irish Tines, which develops software for automation of workflows, plans to create 100 jobs in the country over the next two years and open a new headquarters in Dublin later this year. The company is co-based in Dublin and Boston, has raised $272 million from investors including Goldman Sachs, SoftBank, Accel and Felicis, and is most recently valued at around $1.1 billion.
Technology consultancy Version 1 has also expanded its presence in Dublin. In March, it opened a new headquarters and AI Studio at Four Park Place.
„This is more than just opening an office. This is a statement of intent. "Our core belief is that artificial intelligence augments human capabilities, not replaces them," says Version 1 CEO Roop Singh.
Sources: bisnow.com
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