“Sometimes…… it’s less about the rent and more about the quality of the space.”

Sometimes it’s less about the Rent you pay & more about the quality of the Space & how it can showcase your business.

As a Tenant Rep Broker (TRB), my daily role involves constant interaction with companies, intermediaries, and top-class TRB’s both in Dublin and globally through my international network.

A recent conversation with my industry colleague and SIOR Europe SIOR Global, member Michael Pain MRICS, SIOR touched on the resilience of prime CBD office rents across major European capitals over the last two years. While incentives have increased and there is value in Grade B+ or older stock in peripheral CBD or suburban areas, headline rents for Best-in-Class (BIC), prime-located office spaces have remained steady.

Michael shared an interesting conversation he had with one of his London occupier clients who had just paid a top rent for prime West End BIC space. When probed on whether the rent seemed excessive, the client’s response was striking:

“It wasn’t a Real Estate decision Michael… it was a Recruitment decision.”

Emphasising that a high-quality building in a prime London location would enable them to attract top talent in a competitive labour market.

This highlights a key reminder for TRBs – real estate costs are not always the biggest factor for an occupier.

In today’s market, wages, recruitment, and staff retention are critical considerations. Choosing the right office space in the right location positively impacts employee morale and can help recruitment. So, rather than focusing solely on rent per sq. ft., consider the overall value the space over a 3–5-year period in terms of your people and your business.

James Mulhall