Commercial property market booming with commercial rents on the rise
Commercial rents are set to rise according to a new report by Cushman & Wakefield Research.
According to the global real estate services firm prime Dublin rents have risen 4.6% during 2016 to €619 per sq. M and it believes this will continue to rise to €646 per sq. M during 2017.
More positively, the firm has said 2016 was a 'bouyant' year for the Irish commercial property market with investment rising 21% year on year to reach an impressive €4.46bn.
Commenting on the year; Marian Finnegan, Chief Economist at Cushman & Wakefield said; “2016 was a very resilient year for Irish commercial property. Overall investment volumes were incredibly strong with notably €3 billion invested directly by US and European investors.”
The retail investment market accounted for a whopping 2.26bn or 51% of the total investment made over the 12 months and Cushman and Wakefield believe 2017 looks just as promising for the Irish market.
