The Irish commercial property sector has experienced an escalation in activity in recent months, a new report from CBRE suggests.
The Irish commercial property sector has experienced an escalation in activity in recent months, a new report from CBRE suggests.
The property adviser's final bi-monthly report for 2012 on commercial property in the Republic of Ireland and Northern Ireland highlights how the investment market is showing signs of life. Some EUR 271 mln was transacted in the first nine months of 2012, mainly in the Republic of Ireland, and more than EUR 700 mln is being formally marketed for sale or under offer.
Some non-distressed assets are now being brought to the market, which CBRE said suggests that property owners perceive this is a good time to sell considering the weight of capital chasing opportunities at present.
Demand for prime office and retail properties is primarily emanating from overseas investors. Meanwhile, many of the smaller lot sizes, which are being offered for sale around the country, are mainly of interest to domestic purchasers, particularly those with cash.
Marie Hunt, executive director and head of research at CBRE: 'There has been much discussion about a stabilisation in the Irish housing market over the last few months. This trend is also being witnessed in the commercial property sector. Indeed, the last two months have seen a very significant increase in the volume of activity in all sectors of the Irish commercial property market. Transactional activity in all sectors has escalated over the course of the autumn. If this continues, a busy 2013 is in prospect.'
