Several retailers are seeking to take advantage of the recent softening in the rental retail property market in order to expand and secure stores in particular locations and schemes, according to agents CBRE in its latest bimonthly market report.
Prime and secondary retail rents could fall by 11pc and 13pc respectively over the 12 months to the end of September 2021 according to the latest survey of Irish chartered surveyors. At the same time prime and secondary office rents are expected to fall by a respective 5pc and 7pc over the same period according to the Ireland Commercial Property Monitor published by RICS in conjunction with the Society of Chartered Surveyors Ireland (SCSI).
There is a prospect that downward pressure on prime Dublin office rents could occur towards the end of this year and into 2021 as new supply hits the market and demand remains curtailed. That's the view of agents Cushman & Wakefield Ireland (CWI) in their third quarter review of the market.
Commercial property projects which will cost more than €181m to build commenced construction during the two months of August and September. In all 15 projects got under way according to Construction Information Services (CIS), the research organisation which tracks all construction projects across the island.
A 116-acre industrial-zoned site in North County Dublin has come to the market. Branded as Fingal Logistics Park, it comprises 46.94 hectares which is currently zoned GE: General Employment under the Fingal Development Plan 2017 to 2023.
Measures to address vacant buildings in towns, to repurpose or adapt vacant commercial properties for housing, social, economic and cultural benefits and to revitalise town centres are proposed by the Society of Chartered Surveyors Ireland in its pre-Budget submission to the Government.
Two logistics units in south west Dublin are in a portfolio of 11 logistics properties in England, France and Ireland being offered for sale by international firm Mountpark. Agents CBRE are guiding €530m for the whole portfolio which reflects a yield in the region of 4pc.
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