2016 sales are reaching historic levels

The year so far has been very good for commercial property sales and the forecasted €3.5bn total is within sight, writes Patrick Curran.

This year has been a historic one for the commercial property sector in Ireland. The second quarter saw the highest quarterly turnover ever in the Irish market with €2.1 billion transacted in the Irish commercial property market. The sector performed stronger than expected, was boosted by a single prime shopping centre sale and strong demand for prime offices.

Total turnover for 2016 reached €2.8bn at the end of June and if it reaches the forecasted €3.5bn for 2016, the 10 year average will have increased significantly to €1.7bn, compared to €1bn in 2013.