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Irish commercial property market still challenging but confidence improving, report shows
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Signs of rental and yield stabilisation have begun to emerge in the Irish commercial property market but conditions remain challenging, according to a new report.
Prime headline office quoting rents in Dublin city centre are now stabilising at around €376 per square meter while prime headline rents in the suburbs of the capital are now steady at around €215 per square meter, the latest bi-monthly report on the Irish market from CB Richard Ellis shows.
However, the vacancy rate in Dublin remained high at 23% and analysts said that a decline in vacancy would be particularly slow to materialise in this cycle due to the high proportion of older properties and floors of otherwise occupied buildings that are currently being marketed to let.
In the retail market the report says that tenants continued to negotiate rental reductions and quoting rents are now down around 30% from peak. While in the investment market it says that the recovery in property values which has started to emerge in some European property investment markets, most notably in the UK, has not yet materialised in the Irish investment market.
However, the vacancy rate in Dublin remained high at 23% and analysts said that a decline in vacancy would be particularly slow to materialise in this cycle due to the high proportion of older properties and floors of otherwise occupied buildings that are currently being marketed to let.
In the retail market the report says that tenants continued to negotiate rental reductions and quoting rents are now down around 30% from peak. While in the investment market it says that the recovery in property values which has started to emerge in some European property investment markets, most notably in the UK, has not yet materialised in the Irish investment market.
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