Dire predictions about the ‘future of the office’ prove largely unfounded

Office requirements in the capital had reverted to pre-pandemic peaks

A double-decker bus passes Navigation Square by O'Callaghan Properties (OCP), Albert Quay. Block One in the development sold during 2021 for €60m.

IT is fair to say that considering the challenging backdrop, the Irish commercial property market performed considerably better than anyone expected in 2021.

At the beginning of the year, there were concerns about altered shopping, living, working, and socialising habits and how these might impact different sectors of the market. This was before the market was forced into additional phases of lockdown which delayed construction activity and hampered recovery in particular sectors of the market, not least the retail, leisure, and hospitality sectors.