Autumn uplift in Irish commercial property expected

An uplift in the Irish commercial property market is predicted for the autumn, according to a recent assessment.

The Dublin office of CB Richard Ellis Group released the report, which reveals an encouraging level of activity ongoing in the office sector of the market.

The research also noted an improvement in the availability of investment product, particularly now that yields in the Irish market appear to have stabilised.

Some hotel sales are expected to emerge over the coming months as the hotels that fell into receivership are sold on by the banks. The current strength of demand in the UK hotel market may encourage more Irish owners to dispose of their UK hotels over the next few months.

Marie Hunt, Executive Director at CB Richard Ellis, Ireland, who compiled the report said, “Following the summer months which are traditionally quieter, we are now starting to experience an improvement in activity in many sectors of the Irish commercial property market.

“While rents remain under some pressure in all sectors, prime yields have stabilised and there is an encouraging level of activity ongoing in many sectors of the market, driven to a large extent by the attractive terms and conditions on offer in the current climate,” she added.

Guy Hollis, Managing Director at CB Richard Ellis, Ireland said, “While transaction volumes are certainly improving in many sectors of the Irish property market, we have to be mindful of the global economic backdrop, which remains very fragile.”

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