Commercial real estate

Quite alarming statistics are emerging in relation to Dublin’s commercial property market. Is this a temporary blip, an indication of a long-term slump, or an opportunity for some lateral thinking?

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The best news, analysis and comment from The Irish Times business desk

Assignments and sub-lets boost take-up but do not reduce vacant space. Over 250,000sq m of new space is due by end-2025, which could compound the issue

Inside Business podcast with Ciarán Hancock

Addleshaw Goddard Ireland to occupy 28,000sq ft across first and second floors of modern office building

Sherry FitzGerald says rent caps remain ‘a significant issue’ for institutional investors seeking to invest in Ireland

New technology could unlock at least some of the €150 billion sitting in savings accounts and allow for investment in real estate in smaller, accessible amounts and at an earlier stage in life

Block 2 at Blackrock Business Park producing rental income of €999,999 per annum from strong tenant line-up

Former CBRE executive director expected to assist firm in driving ambitious growth strategy

Latest figures from BNP Paribas Real Estate show first-quarter spend came in at €161.7m, or just 15% of 10-year average

Those at the top in the commercial and residential real-estate sectors on their careers and how things could still improve

Robbie Coakley, formerly of Kroll and BNP Paribas Real Estate, to join newly established division

Developer retains a big portfolio of properties but is locked in numerous legal disputes

Inside Business podcast with Ciarán Hancock

Site located near Ratoath town with easy access to the M3, M4 and M3 Parkway train station for commuters

Activity fell in 2023 on the back of higher interest rates and valuation declines, but outlook is positive for year ahead

Central Bank officials discuss ongoing turmoil in the sector in response to cycle of rate hikes

Interest rates unlikely to be reduced in the short term, which will leave asset values under pressure

After several years of near-record activity, the value of investment has plummeted to a level not seen since 2013

Having weathered the Covid-19 pandemic, the market has been becalmed by elevated interest rates and inflation

Sale of Dean Hotel Group portfolio poised to propel value of hotel investment to €600 by year’s end

Just 17 pubs changed hands in the Dublin market this year, compared with the 30 sold in 2022

Retail is the one sector which remained somewhat resilient in 2023, although the sector had already been written down in value during the pandemic

Collaboration between public and private sectors vital if required 50,000-60,000 homes annually are to be built

Commercial real estate market under severe stress as sellers and buyers engage in price standoff

The level and value of investment withered in 2023 against a backdrop of elevated interest rates and inflation

Retail parks represented over €200 million of turnover in the last four quarters with a total of 10 parks trading

But demand for assets with long-term income and strong covenants across all sectors will continue in face of current downturn

Receiver sales should help to put a floor on the market in early 2024 while investor sentiment should improve thereafter

Once pricing adjustments bottom out, the market will see some of the most interesting opportunities in years

While 2024 will still see market distress and resulting forced sellers, most of the required pain has been taken this year

Sale exposes fault lines in London’s office market created in part by soaring interest ratess

The best news, analysis and comment from The Irish Times business desk

Stability review warns of contagion risk for wider financial sector from surging losses in real estate

Decision by An Bord Pleanála upholds planning permission granted by Dublin City Council in May 2022

New Wolseley restaurant comes as Square Mile aims to become leisure hotspot after drop in worker footfall

Market sources have estimated WeWork’s total footprint in Dublin to be around 37,000sq m

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Three-quarters are planning to raise new finance or refinance existing debt in coming year in face of elevated interest rates