Property consultants CBRE Ireland have released figures for the volume and value of investment transactions completed in the Irish commercial property market in the Q3 2020, which demonstrate an uptick in investment activity quarter-on-quarter.
According to the property consultants, total spend in the Irish investment market reached almost €2.4 billion in the first nine months of 2020, of which more than €680 million was spent in Q3 with 14 individual transactions completed in the last three-month period. 69% of spend in the last quarter was on multifamily assets while 29% was on office buildings.
Irish Investment Spend 2010 – 2020 (YTD)
Source: CBRE Research
Kyle Rothwell, Head of Capital Markets at CBRE said, “More than €680 million of transactional activity was recorded in the Irish investment market in Q3 2020. While this is considerably less than the volume that would have transacted had the country not entered lockdown in March, which resulted in most investment sales campaigns being postponed, it is a decent result considering the underlying backdrop and the inability of investors to travel to inspect buildings at present. It represents a 59% uplift on Q2 volumes, which we define as a ‘lost quarter’ for the market. The continued low interest rate environment coupled with unallocated capital positions means that there is now considerable investor liquidity built up and looking to deploy into Irish real estate and there has been good underlying demand for assets that have been formally launched for sale since the Autumn season commenced ”.