Commercial property sales to reach €2bn
MORE than €2bn worth of deals will have been done in the commercial property sector by the end of the year, as the market posts its strongest numbers since the boom.
According to new figures, more than €1.8bn worth of sales have closed so far in 2013, but that final figure is expected to top €2bn by the end of this month.
That is almost four times the €557m worth of transactions that took place in 2012, and more than 10 times the €186m done in 2011. At the peak of the boom, about €3bn a year in transactions were talking place.
According to DTZ's Ciara Horgan, the final number for the year will easily exceed €2bn.
"A number of off-market transactional deals, if signed by year end, could further boost this figure by €500m, including One Grand Canal Square for a reported €93m," she said.
"The market has seen a strong level of both domestic and international buyer activity in 2013 and this is set to increase further in 2014. The new year will have a healthy start, with the future completion of the recently launched Central Park and Platinum Portfolio sales, currently on the market for a combined €370m. Next year will also see an increased focus on retail sector sales, primarily multi-let schemes," she added.
Her comments were echoed by Jones Lang LaSalle's Hannah Dwyer.
"The majority of demand we have seen in the last 12 months has come from overseas buyers, who see a real opportunity in Ireland's real estate at the moment."