While the investment sector of the Irish property market is clearly showing signs of improvement, the occupier and development land sectors of the market continue to find conditions very challenging, property consultants CB Richard Ellis said Wednesday in its mid-year property market update for 2009.
The property consultants said approximately EUR 41 million was invested in the Irish investment market in the last three months, bringing total investment for the first half of 2009 to EUR 41.6 million. This compares to EUR 392 million invested domestically in the first half of 2008.
CB Richard Ellis said that there are signs of improvement starting to emerge in the investment sector in Ireland and the U.K. But, conditions in the occupier markets, namely the office, retail, industrial sectors of the economy continued to be challenging, with significant pressure on rents and capital values.
According to the market update, CB Richard Ellis are encouraged by the fact that a number of large office requirements from international clients have started to emerge in recent weeks, which will hopefully translate into lettings in this sector in the second half of the year.
Further, the property consultant said prime headline office rents are continuing to come under pressure with prime headline rents in Dublin now approximately EUR 485 per square metre, having peaked at EUR 673 per square metre in 2008.
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