Commercial property returns up 2.1% in three-month period

Commercial property returned 2.1 per cent in the three months to June 30th, below the 3 per cent recorded during the same period last year, the latest figures show.

According to the Society of of Chartered Surveyors’ Ireland (SCSI) and IPD Quarterly Property Index, commercial property returned 10 per cent year-on-year to the end of June.

According to Malcolm Hunt, executive director of MSCI, which produced the research, Irish commercial property returns have normalised since the market recovered.

Influencing

Stephen McCarthy, chair of the SCSI’s commercial agency group, said that it was not surprising to see offices and shops perform well, as increased job opportunities were influencing this.

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“Many of the new jobs in the Dublin area are in office sectors like finance and insurance, with Brexit continuing to be a factor driving relocation demand,” he said.

“The strong economic performance and jobs growth have also given retailers real cause for optimism in the past 12 months, creating demand and competition for good retail and logistics space.”