The city has less office space available because of large-scale demolitions.
A report says over 32,000 sq m of new office space was delivered in the second half of the year.
But almost 40,000 sq m was de-commissioned in the same period due to de-commissioning older buildings.
"The net effect was to cause Dublin's office stock to shrink by around 8,000 sq m", it says.
The Exchange Building in Dublin's IFSC. An older building was demolished to make way for this new build | Image: Savills
However plans are underway to re-develop demolished properties into bigger office blocks.
The report says demand is weighted towards the central business districts of Dublin 1, 2 and 4.
But it also notes that 46% of developments in these areas are pre-let.