Commercial property market 'to stabilise' in 2012

The commercial property market is predicted to stabilise this year.

Property consultants CBRE have released their Outlook report outlining their predictions for the next 12 months.

CBRE says it expects to see a notable increase in sales across all sectors of the market in 2012.

But it warns that the road to recovery will be a long one.

And CBRE says the Government's decision not reform the area of upward-only rent review will cause some retailers to re-assess their options.

“With the uncertainty that prevailed for much of last year now alleviated following announcements made in Budget 2012 and the domestic economy showing tentative signs of improvement, the commercial property market should stabilise in 2012 and begin to emerge from the most significant correction it has ever experienced," said Marie Hunt, Executive Director at CBRE Ireland.

"We expect to see a notable increase in transaction volumes in all sectors of the market in 2012," she added.

"The road to recovery will however be a long one and values will only stabilise once there is sufficient transactional evidence available to provide clarity on pricing.

"The real estate sector now has to adapt to a scenario where debt funding is going to remain severely constrained."

Email Updates

Receive our lunchtime briefing straight to your inbox

More in this Section

European Central Bank extends stimulus programme

14 video games it's time to start getting excited about

Facial recognition software refused this guy's passport photo saying his eyes were closed - and everyone thinks it was racist

Chrome for Android now lets users download web pages for offline viewing


Today's Stories

Growth in new homes build may have halted

Mortgage bill ‘makes matters worse’

European Union sues over car testing failures

Mario Draghi braces for 2017 polls

Lifestyle

Fair City: Behind the scenes at Carrigstown

Ask Audrey has been sorting out Cork people for years

Well-known Irish people share their favourite books from their childhoods

Watch Michelle Darmody make the perfect Christmas cocktail

More From The Irish Examiner