CBRE predicts development wave

A marked return of cranes to the Dublin skyline and a 15% jump in prime office rents are anticipated this year, as momentum picks up in the commercial property market.

Leading commercial property consultancy, CBRE is expecting a fresh wave of office development to engulf the capital this year, with prime office rents in Dublin 2 and Dublin 4 — which rose by over 25% last year — to rise to about €435 per square metre or €40 per square foot by year end.

Previewing likely trends for 2014, CBRE Ireland said yesterday there should also be strong activity in the retail property market; with existing retailers expanding and relocating and several new international names entering the market.