David McWilliams: It is time for a major property reset

Employees who work from home will set the rent agenda and change the face of our cities

‘The office space that is freed up could then be converted into apartments, repopulating the city with residents rather than workers who commute.’

‘The office space that is freed up could then be converted into apartments, repopulating the city with residents rather than workers who commute.’

Prepare for carnage in commercial property. In the past few years investors have piled into the Irish commercial property market, with a particular focus on Dublin. Initially, it was international players but latterly, as is always the case, Irish financial firms have been putting Irish investors’ and pension fund money into the mix, adding to the frenzy.

By the beginning of this year, average annual Dublin rent was €673 per sq m, placing Dublin just above Geneva and Milan but below London, Paris and Zurich. It ranked as the fifth most expensive city in Europe.

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