According to the latest data centre survey by estate agents Cushman & Wakefield, Ireland’s development pipeline is also ranked 10th in the world based on amount of IT load, including planning applications, and second highest in EMEA, after Frankfurt.

A separate survey by construction consultants Mitchell McDermott forecasts that construction investment in Irish data centres may increase to more than €13b by 2025. While it points out that existing data centres in the pipeline will go ahead, it warns that construction growth in Irish data centres may reduce by €1.58b between 2023 and 2025 due to a lack of available power.

Mitchell McDermott also point out that on-site gas consideration for future data-centre projects is at risk due to the government’s carbon emission targets.

Cushman says demand is so strong that Dublin has a low vacancy rate of only 2pc, which is 13th lowest in the world and sixth lowest in EMEA.

Cloud market presence is a key driver of demand and cloud presence in Dublin has pushed it into the top five of the 92 markets surveyed in the world.

Dublin also ranks in the top 10 in terms of incentives and regulations which appeal to developers. When it comes to operational IT load, Dublin is ranked 16th of the markets surveyed around the world and third in EMEA behind London and Amsterdam.