The Irish development land market witnessed a sharp slowdown in activity in 2020 due to COVID-19 related market disruption. During the height of market uncertainty, quarter two recorded just €44m worth of development land sites sold. The lowest level of quarterly turnover recorded since Cushman & Wakefield’s detailed series began in 2015.
The fourth quarter recorded a marginal uptick in quarterly activity, generating turnover of approximately €109m across 30 development sites. This concludes total transaction activity in 2020 to approximately €345m across the GDA, Cork, Limerick and Galway. Representing a sizable reduction from the €1.18bn recorded in 2019.
Dublin Industrial & Logistics Market Q4 2020
The Dublin industrial market experienced a year of strong demand in 2020. Covid-19 adversity created unique opportunities which lead to increased activity in a market with limited availability. A total of 251,650 sq m was taken up via leasehold and freehold transactions.
2020 resulted in a sudden, unexpected and artificial slowdown placed on the Dublin office market, with the impact of COVID-19 felt across all bar the first quarter. Take up reached 167,700 sq m in the year as a whole, a decline of 30% on 2019 levels.
The acquisition marks Cofinimmo’s entry to the Irish marketplace, by way of a €93M sale and leaseback, in conjunction with leading European operator and likewise new entrant DomusVi.
Dermot Hughes • 19/01/2021
Despite COVID-19 challenges, the final 3 months of the year witnessed a strong close to 2020 for the Irish investment market. According to the latest research by Cushman & Wakefield, a total of €861m transacted in Irish commercial property in the final quarter, bringing the year-end total to just over €2bn.
Kevin Donohue • 15/01/2021
Latest study from Cushman & Wakefield and George Washington University forms part of wider series on the post-pandemic office.
Aidan Gavin • 30/10/2020
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