Property consultants CBRE Ireland have today released figures for the volume and value of investment transactions completed in the Irish commercial property market in the first half of 2020.
According to the property consultants, total spend in the Irish investment market reached almost €1.7 billion in the first half of 2020, of which almost €429 million was spent in the second quarter with 17 individual transactions completed in the last three-month period.
Significant transactions completed by CBRE during the second half of 2020 included the sale of the Bishops Square office building for €183 million and the sale of the Clayton Charlemont Hotel in Dublin 2 for €65 million.
Commenting on the figures, Head of Capital Markets at CBRE, Kyle Rothwell said, "Almost €429 million of transactional activity was recorded in the Irish investment market in Q2 2020. While this is considerably less than the volume that would have transacted had the country not entered lockdown in March, which resulted in most investment sales campaigns being postponed, it is a decent result nonetheless especially when strong sales activity in Q1 is added."
He added, "Thankfully, it appears that most investment sales mandates that were planned prior to or during lockdown will be progressed in time. A number of transactions are in legals and several sales campaigns will be launched in the Autumn which will provide a boost to transactional activity in Q3 and Q4. The outturn for the year as a whole is therefore encouraging despite the impact of Covid."