Market is close to bottom -- JLL index
The latest index from agents Jones Lang LaSalle suggests that the Irish commercial property market is closer to the bottom than previously anticipated. It shows an even better rate of slowdown than that shown by the SCS/IPD index issued last week.
According to JLL, overall returns for Irish commercial property were minus 1.8pc in the last quarter of 2009. The SCS/IPD showed a 2.9pc fall over the same period. Similarly with property prices, SCS/IPD calculates a fall of 4.9pc in Q4 2009, but JLL's index estimates that the fall was only 4.0pc in Q4.
On the other hand SCS/IPD was much more bullish in terms of income return. It showed 2.1pc income return in Q4 while JLL shows a 1.3pc growth in income in Q4 2009.