Commercial property news in brief

Poor outlook for construction

The outlook for Ireland’s construction industry remains bleak with 50 per cent of companies anticipating further restructuring and redundancies in 2010, according to a new study by Mazars, the international accountancy and consulting firm.

More than three-quarters of the companies surveyed are also predicting further contraction in turnover due to cut-throat competition for the few development opportunities that are emerging, according to Roger Alexander, head of construction and property at the firm.

The study, carried out in conjunction with Irish Construction magazine, found that 61.9 per cent of all respondents implemented some form of restructuring during 2009 and 50 per cent of them would take action this year.

A total of 92 per cent of the companies questioned had reduced staff numbers while 80 per cent introduced pay cuts.

Whitewater catching on

Ireland’s largest regional shopping centre, Whitewater in Newbridge, has bucked the overall trend by attracting 10 per cent more shoppers in 2009.

Lisa Fogarty said the catchment area for the centre had been extended with the opening of new roads which gave easier access for shoppers from as far away as Waterford and Tullamore.

UCI is opening a new cinema at the centre, its first facility outside Dublin for more than a decade.