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."
Irish Examiner live news app for smartphones lets you quickly access breaking news, sport, business, entertainment and weather.
Irish Examiner ePaper app gives you the entire newspaper delivered to your phone or tablet for as little as 55c a day.
PREMIER LEAGUE:Southampton v Man CityManchester City boss Manuel Pellegrini has reiterated how highly he rates Sergio Aguero, emphasising that he regards the Argentina international as a better all-round player than Luis Suarez.
South Africans united in mourning for Nelson Mandela yesterday, but while some celebrated his remarkable life with dance and song, others fretted that the anti-apartheid hero's death would make the nation vulnerable again to racial and social tensions.
HEINEKEN CUP POOL SIX:Munster v PerpignanMunster will go in to their must-win Heineken Cup clash with Pool 1 leaders Perpignan tomorrow intending to meet fire with fire against a powerful French Top 14 side at Thomond Park.
The grandmother of a toddler with Down's syndrome has been waiting a year for a response from the Taoiseach and three government ministers to correspondence about disability cuts referred to them on her behalf by the troika.