Office values to drop by 10% this year

SCSI report shows commercial market remains challenging

CREDIT has tightened for Ireland’s commercial market, office capital values are expected to dip by 10% this coming year, and older generation offices will become harder to fill in a market that will remain challenging, according to surveyors’ body the SCSI: the majority of members surveyed feel the commercial property cycle is either in an early or mid-downturn phase.

While the office market shows most signs of negative impacts in the year ahead, other commercial sectors such as industrial and retail are holding up well, the SCSI’s Commercial Property Review & Outlook Report 2024 surveyed across 326 members shows this month.