Currently, the State rents some 200,000 square metres of office space in the Dublin area at a cost in the region of €70 million per annum. In addition, the State uses some 230,000 square metres of state owned office accommodation in Dublin.
Under the decentralisation programme in excess of 200,000 square metres of office accommodation will be required in the regions for staff moving out of Dublin. A broadly equivalent amount of space will, as a consequence, be no longer required in the Dublin area.
The issues surrounding the disposal of surplus Dublin space, both owned and leased, are currently being addressed. In this context, the following considerations will be taken into account: the specific circumstances associated with each building including location, quality and design, tenure, office area and whether its leasehold or freehold; the relocation of Departments-offices within the Dublin portfolio with a view to the optimum consolidation of Dublin office space and the timing of property disposals; the market value of a building can be greatly affected by prevailing market conditions including a significant influx of properties to the market.