Looks like TikTok have just taken over the Dublin office block that Google pulled out of renting, and the terms are somewhat interesting. It is a 10-year lease with “around” 18 months rent-free.
To me this is a clear sign of how much trouble Dublin commercial space is in, as by any measure it is a bubble. Any walk down Spencer Dock makes this clear — Cloncurry House north of Mayor Street Upper has an entire ground floor of empty retail units, and yet there are several other similar units being built a bit further to the east. This follows the 26% write-down of property values on Grafton Street, one of the major retail streets in Dublin.
Even at the current Level-5 lockdown the North Quays were completely gridlocked with traffic due to the conversion about half the road into cycle lanes, so I dread to imagine what it would be like with “normal” levels of commuters. A lot of people are not going to go back to the 10-times-a-week ordeal, and that will hit commercial property very hard across the board.