Prime office rents in Dublin rose 25 per cent during 2013 | 20 January 2014
New figures have revealed that prime office rents surged by 25 per cent in Dublin, Ireland last year and experts predict that the trend is set to continue into 2014.
In fact, CBRE expects prime office rents to increase by around €435 per square metre by the end of this year.
According to independent.ie, CBRE’s executive director and head of research, Marie Hunt, noted that although the office market is continuing to lead the commercial property market, confidence in the retail sector is also beginning to grow. Retail rents were affected badly during the recession, especially in Dublin’s Grafton Street, where rents dropped from around €10,000 per square metre in 2006 to just €4,000 in 2013.
“While the market is beginning to bottom out, much of the take-up has been by discount retailers in recent years,” she explained. “That will start to change in 2014, however, according to CBRE. We expect to see stronger volumes of activity in the Irish retail property market over the course of the next 12 months and rent growth should return this year.”
Continuing demand from overseas buyers will likely fuel a significant number of hotels located in the centre of Dublin to go on sale this year too, reports irishexaminer.com.
Overall, commercial property rents are estimated to rocket by 15 per cent over the course 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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