2016 set be another strong year for commercial property - CBRE
CBRE, the commercial real estate agency, expects 2016 to be another positive year for commercial property after average transaction volumes were exceeded well in advance of year close of 2015.
As part of the launch of CBRE's annual Outlook report, figures on transactions for 2015 were revealed.
The report revealed that 176 investment transactions of greater than €1m were concluded in the Irish market during 2015, totalling more than €3.5bn between them.
There were over 63 hotel sales completed in the Irish market last year, totalling over €710m between them.
Dublin pubs were also highlighted in the report, which said there were 39 Dublin pubs sold in 2015 accounting for a total of in excess of €49m. A further 17 Dublin pub properties totalling more than €25m were sale agreed at the end of last year.
Managing director at CBRE Ireland, Enda Luddy, said: “2015 had many ingredients, that combined were supportive of strong CRE activity including a considerable weight of Irish and overseas capital chasing investment opportunities; strong occupational activity across all sectors; a supportive economic backdrop; strong job creation; rental growth; yield compression; muted development activity and very low interest rates.
"Although some of these components will change over the course of the next 12 months and the outlook is constantly evolving, we are confident that 2016 will be another good year for the Irish commercial property market," Mr Luddy said.