Commercial market hits peakIt's tough being a commercial property agent in this town. Not only is business at an absolute peak, but every dog and divil is trying to break into the market, because of the prospects of a no-hassle investment that will grow and grow.
With the commercial market showing returns of over 9 per cent last year, and values growing by the week, you can't blame the punters looking for a bit of the action. However, the reality is that those with retail investments have no intention of budging, as there are few alternatives for their money. The bank will give you 2 per cent, before tax, so that's not an option. But it's not all graft for the commercial boys and girls, who have had their best run for decades. Try and get some of them this week or next week and you'll go straight to voicemail. Where you will find them is in the south of France where they have been attending the world's biggest retail fair in Cannes.
Agents off on the piste
Meanwhile, HOK has decided to avoid the crowds and take to the slopes, bringing along their A-list clients to Austria. The fast movers, on skis that is, included Ray Grehan, HOK's new best friend, who is busy finishing off Ballintryre Hall in Ballinteer, before moving on to Stillorgan Road and the St Loman's Hospital site. Also there was HOK's other top client, Michael Cotter, who seems to manage up to a dozen residential and commercial sites at any given time. Uber developer Peter Cosgrave also went along with the group, which must be a coup for HOK, as his family company has many irons in the fire, including the vast open space of Dún Laoghaire golf course to be developed, not to mention acres in Santry near Dublin airport. Next week will be equally busy for the agents and developers with many of them packing their bags for Cheltenham and keeping their options open on Cardiff for the Ireland-Wales match. Several of the developers will have runners in some of the big races at Cheltenham, not least Sean Mulryan of Ballymore who is about to build Europe's tallest apartment block in London's docklands, and Sean Dunne of Mountbrook Homes who is fond of the turf and rugby mad. Meanwhile, several firms of solicitors who make a fortune every week from the property industry will be taking their top clients to Cheltenham for the usual break. No doubt a few deals will be tied up in the bars of the famous track.
Agency board games
Competition between Dublin's housing agencies continues to hot up with new style boards all over the city. Lisney was first out of the traps with its sharp new red and white image, and Douglas Newman Good has been quick to follow with a new style board that includes a specific phone number for each individual property. The idea is that you see the house, call the number, and hear the relevant details before deciding whether you want to take it further. If you want to hear more, you'll be put straight through to the agent dealing with the property. A neat idea they adapted from overseas which seems to be working exceptionally well for the fast moving firm.
To Lisbon with IAVI
The IAVI's conference in Nice was deemed a runaway success last year, and this year it's Lisbon's turn to host our estate agents. The conference is scheduled for April 14th-17th with places still available.
