Busy autumn for Irish commercial property sector | 2 September 2014
Recent successes in the Irish commercial property sector are expected to continue throughout autumn, the CBRE has said.
The CBRE believes that strong figures should come from a number of high profile properties heading to the commercial property market over the next few months. Moreover, announcements from inward investors have helped boost the office lett ings market. For example, Baker & McKenzie revealed last week that it would be creating 250 jobs in the legal services sector, reports belfasttelegraph.co.uk.
Marie Hunt, CBRE executive director and head of research, said activity was impressive over the summer months, considering the market typically cools down during this period.
“Indeed, there has never been a busier July and August in the Irish investment market or the hotels and licensed sector of the market than experienced in 2014, with transactions being completed right throughout the summer and several portfolios and ; assets launched for sale in this period,” she explained.
The amount of development land available is expected to increase too, as firms will look to take advantage of the capital gains tax waiver, which will soon be phased out, reports irishexaminer.com.
In the second quarter of the year, total return on commercial property reached 8.5 per cent, the highest quarterly return seen in eight years. In particular, Dublin offices have experienced an impressive price increase, as a lack of available space pushed rents up by 15 per cent during the first half of this year.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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