Tuesday, January 14 10:45:33
Last year marked a turning point for the embattled Irish commercial property market with 2014 shaping up for recovery mode, driven by better access to credit and improvement in the overall economy.
That's according to property consultants CBRE, who today released their Outlook 2014 annual report showing that hotels, investment properties, development land, industrial properties and offices all showed marked improvements in terms of activity and spend last year.
It found that 33 hotel sales concluded in Ireland in 2013, totalling almost E160 million, compared to 24 hotel sales totalling E146 million in 2012 while 96 investment transactions of greater than E1 million concluded in the Irish market during 2013, totalling E1.78 billion, compared to 35 transactions totalling E545 million in 2012.
It also found that office take-up of 170,600m2 was achieved in Dublin in 2013, compared with 136,328m2 of office take-up in 2012 demonstrating an improvement in foreign direct investment and domestic corporate expansion during the last 12 months.
Industrial take-up of 296,340m2 was achieved in Dublin in 2013, compared with 200,548m2 of take-up in this sector in 2012.
CBRE predicted 2014 will see the return of the crane to the Dublin landscape as the next wave of office development in the capital commences.
Prime office rents in Dublin 2/4 are set to increase by a further 15pc during 2014 to reach approximately E435 per square metre or E40 per square foot by year-end having increased by more than 25pc during 2013, it forecast.
Stronger volumes of activity are expected in the Irish retail property market over the course of the next 12 months, it said.