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Property Watch Q1 2016

Property Watch highlights:
  • Over 2,000 housing commencements in Q1 2016 of which 38% were one-offs
  • The total level of housebuilding is forecast at 11,000 units in 2016
  • The average office take-up in Q4 2015 was 53,700m2, up 18% on the same quarter in 2015
  • There is a substantial quantum of new office supply under construction and awaiting planning, with up to 35 schemes currently under construction in Dublin city centre
  • The lack of Grade A office accommodation is the common thread across other urban markets and is putting office rents under pressure, most notably in Cork, where office rents were up by 8% in the quarter
  • There has been a sharp decline in the availability of industrial space in Dublin over recent quarters, which explained the quarterly decline of 41% in average take-up to 59,000m2 in Q1 2016
  • In the region of €740 million of commercial investment transactions were recorded in Q1 2016, just two-thirds of the corresponding level of investment in Q1 2015
  • Dublin ranked 15 out of the top twenty most attractive real estate investment destinations in relation to their economic size in the JLL March Investment Intensity Index
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