The amount of commercial property rented out in Dublin surged during the first three months of the year, as businesses continued to snap up new premises.
Take up in the Dublin office market was up by more than 60 per cent year on year, a report from the property group CBRE said. Some 900,000 sq ft of space was let out during the period, and total lettings rose to 61 transactions, an increase of 40 compared with the first three months last year.
Analysis from Davy Research noted that state job agencies predicted earlier in the year that there would be a steady stream of businesses looking to set up new operations in the capital, or expand what they already have.
“The IDA previously indicated that it had a strong order book coming into the year, so these lettings figures are not a surprise. The momentum in the Irish real estate market continues,” the company said in a note published yesterday.
It added: “Leasing activity remains strong in the office sector, investment activity is contributing to ongoing yield compression in the residential sector, while leasing remains favourable in the retail sector.
“These trends should support the relative performance of Irish real estate stocks within the European sector.”
The strong commercial property performance was consistent with the growth in the industry over the past few years, in which lettings have returned to boom-era levels.
Separately, the UK property group Hammerson said yesterday that its Irish business delivered a “strong leasing performance”.
The company part-owns the Dundrum Town Centre, the Ilac Centre in Dublin and the Swords Pavilions. It noted that there has been strong demand across these centres for retail space.
“Pavilions had an impressive start to the year, with Smiggle taking its third store with Hammerson in Dublin and River Island upsizing to a flagship store,” the company said.
Hammerson also noted that the fine food company Fallon & Byrne is opening a major new food hall and restaurant in Dundrum.
The project will result in five red-brick houses in Ashgrove Terrace being revamped in a project which will anchor the shopping centre’s new “Pembroke Square” development.
“[This will] further reposition the leisure offer within Dundrum’s Pembroke district,” Hammerson said.
Source: The Times
“Thank you very much BCC for the very impressive office refurbishment you have done for us. With experience in suspended ceilings and partitions your advice helped us to make the right choices for what we needed. The whole project was made very easy for myself.”
“We have used BCC a number of times and they deliver a very quick turn around but not sacrificing a very high standard of work. We will definitely continue to use BCC."