Although the verse can be read to mean that God is predicting Cyrus' decree, I believe it is more likely the verse means that God is predicting that Jerusalem will be rebuilt. This argument is based on reading the verse poetically in context rather than grammatically focusing on the immediate verses. From the NRSVA:
Thus says the Lord, your Redeemer,
who formed you in the womb:
I am the Lord, who made all things,
who alone stretched out the heavens,
who by myself spread out the earth;
25 who frustrates the omens of liars,
and makes fools of diviners;
who turns back the wise,
and makes their knowledge foolish;
26 who confirms the word of his servant,
and fulfils the prediction of his messengers;
who says of Jerusalem, ‘It shall be inhabited’,
and of the cities of Judah, ‘They shall be rebuilt,
and I will raise up their ruins’;
27 who says to the deep, ‘Be dry—
I will dry up your rivers’;
28 who says of Cyrus, ‘He is my shepherd,
and he shall carry out all my purpose’;
and who says of Jerusalem, ‘It shall be rebuilt’,
and of the temple, ‘Your foundation shall be laid.’
Admittedly, other translations to not agree, making it possible to read "who says of Jerusalem" in vs. 28 as referring to Cyrus. However, throughout the poem, it is the LORD who acts or decrees. Indeed this seems to be Isaiah's main point. When the poem turns to Jerusalem it is still God who acts in every line: He says that Jerusalem will be inhabited and the cities of Judah will be rebuilt. He says "be dry" to the deep and predicts that the rivers shall dry up. He says of Cyrus "he is my shepherd and shall carry out all my purpose." He says of Jerusalem "it shall be rebuilt." And of the temple "your foundation shall be laid."
The next chapter (an artificial break in the poem) turns to specific words from the LORD to Cyrus. Again the sole agency of God is proclaimed consistently. God calls Cyrus by name and concludes:
I am the Lord, and there is no other,
besides me there is no God;
I gird you, though you do not know me,
6 that men may know, from the rising of the sun
and from the west, that there is none besides me;
I am the Lord, and there is no other.
7 I form light and create darkness,
I make weal and create woe,
I am the Lord, who do all these things.
I argue that the structure of the poem in 44:24-28, as well as the beginning of ch. 45, intends to portray God as the sole speaker. God declares that Cyrus is his servant, but Cyrus has no decisive or predictive role. It is God who decrees everything, including that Jerusalem shall be rebuilt. I admit it cannot be ruled out God predicts that Cyrus shall decree the rebuilding. Indeed, some translators go out of their way to put it that way. However, given the context of the poem in chs. 44-45, I tend to see Isaiah as saying that God, rather than Cyrus, predicts Jerusalem's restoration.