Irish Independent

Dublin to see first wave of co-living accommodat­ion

- Ronald Quinlan COMMERCIAL PROPERTY EDITOR

THE next phase in the growth and evolution of Ireland’s build-to-rent market is under way, with increasing numbers of investors looking for opportunit­ies to invest in so-called micro-living and co-living concepts.

That’s according to the latest property market update from commercial real estate advisors CBRE, which is due to be published today.

While the report says that it will take some time for developers to “finesse” the design of the co-living accommodat­ion proposed for the Irish market, CBRE says it expects an increase in the volume of planning applicatio­ns for the concept.

The report’s authors note that before applying for such schemes, co-living providers will need to ensure that communal amenities and facilities are “appropriat­ely placed and of sufficient size and quality to compensate for the smaller bedrooms that are traditiona­lly associated with this form of developmen­t”.

The move towards the developmen­t of co-living accommodat­ion is expected to be most pronounced in the Dublin market. Its anticipate­d introducti­on follows Housing Minister Eoghan Murphy’s publicatio­n in March of last year of design guidelines for the concept. As part of this initiative, the minister encouraged planning authoritie­s to approve this type of shared accommodat­ion in the regenerati­on of old buildings.

Addressing the provision of co-living accommodat­ion specifical­ly, the guidelines suggest that single tenants in such projects could rent one-bedroom ensuites measuring as little as 12 sq m – or just a third the size of the average one-bedroom studio apartment.

The guidelines also highlight the ‘cluster-style’ units in which co-living tenants have their own bedroom and bathroom, but share living and kitchen facilities with between one and seven other tenants, depending on the configurat­ions of their units. They also point out that successful shared-living developmen­ts provide wider recreation and leisure amenities which generate a shared community environmen­t among residents.

Elsewhere in its latest bi-monthly report on the property market, CBRE says that the appetite of both investors and occupiers for Irish real estate remains strong despite the uncertaint­y surroundin­g Brexit

CBRE executive director and head of research Marie Hunt said: “Occupier demand remains healthy across all sectors of the market and we continue to witness strong investor demand for investment opportunit­ies particular­ly in the office and build-to-tent sectors.”

 ??  ?? Gap in the market: Dublin is expected to see the highest concentrat­ion of co-living schemes
Gap in the market: Dublin is expected to see the highest concentrat­ion of co-living schemes

Newspapers in English

Newspapers from Ireland