Speaking the Commercial Property Summit in Dublin, DTZ Ireland managing director Aidan Gavin warned that Dublin could miss out on business opportunities if it fails to deal with the current shortage of office space in the capital.

He says that developers need to strongly consider committing to building new office blocks in Dublin, even if there are no tenants lined up.

Mr Gavin reflected on the speed of Facebook's expansion in the city:

"In the central business district in Dublin the vacancy rate is now 4 percent. We acted for Facebook when they took over 4 Grand Canal Square last year. The ink on the contract was barely dry when Facebook then took space at number 5 next door."

He continues: "It was really just lucky that the block next door to where they had just moved was available. Otherwise, the 600 jobs that they will create to fill that office building could have gone elsewhere."

The managing director was speaking at the Independent News & Media Commercial Property Summit in the O'Reilly Hall in UCD yesterday - he predicts that foreign firms will continue to come to Ireland:

"If you look at the work the IDA is doing and the fact that Ireland is going to be an attractive place to live and work for years to come, it only make sense that the requirement for large office space is going to keep coming for the foreseeable future."