Reaction to Budget 2021


Cushman & Wakefield welcomes some of the policy measures announced today in Budget 2021. 

According to Aidan Gavin, Managing Director, Cushman & Wakefield Ireland, “Budget 2021 was unprecedented in its scale for the Irish economy, with the backdrop of the ongoing pandemic combined with the risks surrounding Brexit framing the discussion. From a commercial property perspective, there are several policies which are positive but also those which raise talking points for the sector."


For the hotels sector, the change of VAT from 13.5% to 9% is welcomed and a vital support for a segment of the market which has been decimated by the pandemic. The clarity of no cliff edge for the employment wage subsidy scheme (EWSS) and the new Covid Restrictions Support Scheme (CRSS) for businesses whose operations are impacted by level 3 and above restrictions are also all laudable and will provide some relief.


However, Aidan Gavin noted “While the extension of the waiver of commercial rates out to year-end is a positive, perhaps it represents a missed opportunity. Given Budget 2021 was planned on the assumption of a no deal Brexit and the pandemic persisting next year, the waiver for just an additional quarter falls short.


Elsewhere, the announcement of a tax credit for the digital gaming sector may prove positive for the office sector. Although more details are needed, the expansion of the tech sector and tech employment are key drivers of occupier demand at present. In Dublin we have seen the influx of social media companies and their footprint expanding, while in Cork, cyber security has witnessed accelerated growth.


Lastly, with PRS accounting for a growing share of the investment market in Ireland, commercial eyes also looked towards housing in today’s budget. The extension of the Help to Buy scheme and the increased expenditure on social housing were to some extent anticipated and applauded elements. The addition of 9,500 additional homes through new-build activity is welcomed, however a disappointing rise on the existing rebuilding Ireland targets. Gavin noted: “Overall the combination of social housing delivery and the housing capital programme is positive, however also lacked detail in some parts. The introduction of €110 million in the new Affordable Purchase Shared Equity Scheme aimed at aiding first time buyers and funding cost rental homes requires much more detail on how it will function.”


Cushman & Wakefield launch €395m Facebook International HQ to the Market

The eagerly anticipated investment sale of a substantial part of Facebook’s International Headquarters, has been formally announced with a guide price in excess of €395m.

Kevin Donohue • 07/09/2021

Office Investment Q1 2020 Report
Surge in reserved space, as office occupier market continues to see improved activity

Latest research from Cushman & Wakefield reveals an interesting quarter for the Dublin office market. Take up in Q2 2021, as expected, continued to struggle with just 19,150 sq m occupied. However, outside of take up, the story of improved demand is best reflected in reserved figures once again, along with a rise in requirements and viewings.

Kate English • 15/07/2021

Industrial Warehouse
Industrial and Logistics sector proves itself as one of the most desirable asset classes

Latest research from Cushman & Wakefield reveals investment activity improves, despite the ongoing pandemic and travel restrictions. Turnover levels reached approximately €641.5m across 37 deals in the second quarter of 2021.


Kate English • 09/07/2021


Samuel Beckett Bridge is a cable-stayed bridge in Dublin
Insights • Economy

Ireland Real Estate Market View

A regular update on the latest in commercial real estate in Ireland.
Kate English • 20/10/2021
Insights • Investment

Irish Investment Market

Despite COVID-19 challenges and travel restrictions, total capital inflow reached approximately €1.45bn across 43 deals in the second quarter of 2021, of which €641.5m were income generating at the point of sale and €805m were forward commit style arrangements.

Kevin Donohue • 27/07/2021
Office Investment Q1 2020 Report
Insights • Office

Dublin Office Market

The Dublin office market experienced an interesting second quarter to 2021. On the demand side, take up was, as expected, low with just 19,150 sq m occupied. This brings total take up to 39,885 sq m at the mid-point of the year, compared to the long-run H1 average of 81,880 sq m. 

Ronan Corbett • 27/07/2021


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