Suburban commuting for workers as Dublin office market kicks off

In his latest bi-monthly report on trends and transactions in all sectors of the thriving commercial real estate market in Ireland, the commercial real estate specialist says that there is now "tangible evidence "occupants seeking to move to more profitable locations. the suburbs.

A new CBRE study also showed that Dublin is now ranked 27th in a survey of global occupancy costs, up from 29th place this time last year.

CBRE says that "particularly strong" take-up recorded in the Dublin office market in the first half of 2018, spurred by the recent acquisition of 22,146 square meters of office space at Boland Pier development in the docks south of the city.

CBRE, which says that Irish commercial property The market is "paused" after a busy first half, described as "encouraging" a number of important transactions in the negotiations and several unfilled mandates prevailing.

The vitality of each of the occupying markets remained strong throughout the first half of 2018, supported to a large extent by the continued creation of jobs in the Irish economy, said Marie Hunt, Executive Director and Research Director at CBRE Ireland. The months of July and August will now see their pace slow down, with the focus being on eliminating many legal or trading deals before the next wave of activity begins. in autumn. "

Ms. Hunt stated that preferential rents and returns in all sectors remain relatively stable at this stage, although growth in rental value and capital is expected in all sectors of the market in the second half of 2018.

"Given the strength of the economy and the professional activity, the demand for basic real estate investment opportunities in the Irish market remains strong, although there is There has been a noticeable sectoral change in investor appetite over the last few months. "Another trend that has emerged in recent months is that a growing proportion of transactions in the hospitality, development and investment industries are being conducted off the market.

Irish Independent