Low availability of good quality office space could impact on the market this year, leading commercial property agency Jones Lang Lasalle has warned.

Investment in the country’s real estate market reached record levels last year with a number of new players coming to the fore accounting for much the activity. More than €4.5bn was spent on real estate in 2014 making it the highest amount ever invested in the Irish market surpassing the previous peak by more than €900m.

Intensifying competition for prime Dublin office space is likely to push up commercial rents in the near-term, according to international property consultants Jones Lang LaSalle.

A total of €1.7bn in capital has been invested in Irish real estate this year, including direct investment of €800m.

There is an appetite among international investors to capitalise on the expected property recovery with over €6bn ready to invest in Ireland, according to Jones Lang LaSalle.