Commercial property market ‘buoyant’ in 2019
Upbeat outlook for property investors in year ahead, Cushman & Wakefield report
There was €4.57 billion in direct investment sales in the Irish market in 2019, up from €3.24 billion. Photograph: iStock
The Irish commercial property market enjoyed a “buoyant” 2019, according to a new report from Cushman & Wakefield that gives an upbeat outlook to investors for the year ahead.
“The current bond yield and interest rate outlook for 2020 continues to make property an attractive asset and this is evident in our 2020 prime yield forecasts,” said the property company’s senior economist Kate English.
Last year saw €4.57 billion in direct investment sales in the Irish market, up from €3.24 billion recorded in 2018, it said, with 2019 boosted by “a very strong closing quarter” in which about €2.2 billion of direct property assets traded.
The most notable transaction of the quarter was the Cedar Portfolio of office and private rented sector properties, which was acquired by US private equity firm Blackstone for €530 million.
A total of €1.13 billion of residential assets changed hands in 2019, up from €654 million the year before.
The office sector accounted for approximately 42 per cent of spend in 2019, or a total sales value of €1.9 billion. Some 94 per cent of this related to assets in Dublin.