Commercial Property Market in Ireland

In Ireland, the commercial property market is influenced by various economic factors and global events. Despite challenges like the residual impacts of Covid-19 and geopolitical conflicts, the Irish economy remains stable. This article explores the impact on the commercial property market, trends reshaping the industry, outlook for 2024, and strategies for navigating challenges.

Economic Landscape and Impact on Commercial Property Market:

The Irish economy has shown resilience despite global turbulence. Economic factors such as inward investment levels, employment rates, and the cost of finance significantly influence the commercial property market. According to the SCSI Commercial Market Review and Outlook Report 2023, prime office capital values are expected to remain unchanged or decline by up to 10%.

Trends Reshaping the Market:

The rise of remote working and sustainability considerations are reshaping demand for office spaces. Sustainable buildings continue to attract interest from investors and tenants. In the industrial and logistics sector, brisk activity is observed near major transportation hubs. However, challenges persist in the retail sector due to prime retail stock scarcity.

Outlook for the market 2024

The outlook for 2024 presents a mixed forecast. While prime office capital values may decline, industrial rental values are expected to remain stable or increase. In the retail sector, prime capital values may see a slight decline, but rents are likely to hold steady. Stakeholders must navigate challenges by embracing sustainability and addressing changing workspace demands.

Navigating Market Challenges:

Stakeholders must adapt strategies to the evolving landscape. Embracing sustainability initiatives and evaluating negotiating positions are essential. Proactive compliance with evolving regulations, particularly ESG standards, enhances long-term viability and attractiveness in the market.

Conclusion

Opportunities abound in Ireland’s commercial property market despite challenges. Resilience, adaptability, and forward-thinking are crucial for success. By staying informed and embracing sustainability, stakeholders can navigate uncertainties and position themselves for success in the ever-evolving landscape of market.

Commercial Property County Cork

Are you thinking of selling or leasing your commercial property in county cork? Get in contact with DNG Galvin, we have over 40 years experience selling and leasing commercial property throughout county cork.

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