Demand for Dublin commercial property still set to rise
Economic expansion is boosting the appetite for Dublin commercial property.
With a high demand for Grade A office space, as much as 2,560,000 sq.ft. is currently under construction. However, a number of concerns will affect future development.
Richard Joyce of construction consultancy, Linesight believes that businesses are taking a more measured approach to investments and developments than in pre-recessionary times. Consequently, he expects that demand will continue, particularly in Dublin, but will vary for different sectors.
"Rents will also differ. With that said, site availability is an issue, funding needs to be available in a controlled fashion," he adds.
He says that among the issues that need to be addressed are planning, infrastructure and land costs such as city centre height restrictions, flexible leasing terms, availability of mid to small-range city centre space, support services, housing and infrastructure for our growing workforce.
"As our population increases, housing supply is under pressure. Demand for public services is increasing and these are adding pressure for rises in wages and land costs in major urban centres.
"Nevertheless, Ireland remains an economy that attracts FDI, with multiple opportunities for the industry, developers and the investment community alike," he adds.