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Q1 Commercial Property Trends From CBRE

Commercial property consultants CBRE today released statistics for commercial property investment spend in the first three months of 2014, reporting that more than half of the volume of investment activity in the Irish market in 2013 has been signed in the first quarter of 2014.

According to CBRE, a total of 37 investment transactions of more than €1 million in value were signed in the Irish market during Q1 2014, totalling €939 million, compared to a total spend in the Irish market in 2013 of €1.78 billion in 96 individual transactions. These figures exclude loan sales activity. There were more transactions signed in the Irish market in the first three months of 2014 than during the entire 12 months of 2012.

According to Marie Hunt, Executive Director and Head of Research at CBRE Ireland, “The first quarter of 2014 has been extremely busy in the Irish commercial property market, fuelled by a significant carryover of transactions from 2013, many of which have concluded during the first three months of 2014.

“Demand in the investment sector continues at pace with no let-up in demand from domestic and international investors for the various assets and loan portfolios being released to the market for sale”.

According to Johnny Horgan, Head of Capital Markets at CBRE Ireland, 11 of the 37 investment transactions over €1 million in value signed in the Irish market during Q1 2013 occurred outside of the core Dublin market. However, 94% of the investment spend by value in the period was focussed on Dublin properties. 

Aside from the recent sale of a 72.8% share of Liffey Valley Shopping Centre in West Dublin, there have been a number of other retail transactions signed in the quarter. Eighteen of the 37 investment properties signed during Q1 2014 comprised retail properties, which between them accounted for more than 33% of the value of investments traded in the period.

A further 28.4% of commercial investment transactions completed during Q1 2014 comprised office properties while the largest asset traded in the period was the acquisition of Central Park by Green REIT plc for €311 million. (01/04/14)

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