Estate agents are optimistic about the Irish office market
Commercial estate agents are optimistic about the demand for Irish office space due to an inquires increase in recent months.
Three reports on the Dublin office market indicate that market activity has increased in the in the first quarter (Q1) of 2010.
Jones Lang LaSalle, real estate experts, say that demand for office space is double that for the same period in 2009 and that the demand is 16% higher than the final quarter of 2009.
However DTZ Sherry FitzGerald, commercial property advisors, has said that the demand has not yet translated into an increase in sales or lease agreements. In fact these figures have been quite low.
This could be explained by the fact that different locations may have different growth rates.
James Nugent, a leading expert, said “It is possible that rental growth will come back in certain locations quicker than most would anticipate.”
As a result the report is thought to just indicate a future trend rather than current sales and lease figures.
Marian Finnegan, chief economist with DTZ, said that making predictions based upon Q1 is perhaps premature, but that the trend that is indicated is positive.
Ronan Corbett of DTZ said, “It is too early to say whether this is just a blip or the start of a trend but compared to the lows of 2009, so far 2010 is giving us all more optimism.”