'Strong demand for the provincial cities': CBRE Ireland release commercial property report

Commercial property activity has picked up pace in the first two months of the year, according to CBRE Ireland's first bimonthly property report for 2020.

Total returns from Irish commercial property reached 5.1% during 2019.

CBRE Ireland's Marie Hunt Hunt added that demand is high for new office buildings in cities outside Dublin.

"We see particularly strong demand for the provincial cities of late," she outlined.

There's quite a bit of construction underway in cities like Cork, Limerick and Galway.

"We are due to hear some announcements over the coming months in each of those cities."

However, the recent general election and government formation talks are having an impact on the sector:

"It has created some uncertainty and I suppose uncertainty is something that is not welcome in the commercial property industry," Ms Hunt said.

"We have a lot of international investors who are anxious at this point to find out what the new administation is going to be and to see the programme for government and what implications that might have for sectors of the economy like the commercial property market."