CBRE says total investment spend for 2018 could now exceed €3.5bn
As 2018 draws to a close, CBRE is predicting that the total investment spend for the year could now exceed €3.5bn.
The overall value of transactions in the first nine months “surprised on the upside” according to CBRE’s latest bi-monthly report with several forward-funding transactions propelling the figure to €2.67bn.
While office take-up for the third quarter in Dublin was somewhat less than the preceding quarters, the 56,414 sq m (607,235 sq ft) recorded for the period brings total take-up in the first nine months of 2018 to 220,217 sq m (2,370,000 sq ft) and masks what CBRE describes as “the very strong volume of stock reserved and due to complete in either Q4 or early 2019”.
Commenting on the outlook for 2019, Marie Hunt, executive director and head of research at CBRE, says: “The volume of outstanding requirements for office accommodation in the capital remains particularly healthy at over 323,000 sq m (3,476,743 sq ft) with demand emanating from a range of different sectors. Although several requirements are from technology occupiers, it is interesting to note that the State also has several active requirements for modern office accommodation at present, including three relatively-large mandates”.
Elsewhere in its latest report, CBRE notes a significant increase in both the volume and value of development land traded in the Irish market during 2018.
All told, 105 development land transactions totalling almost €940m signed in the nine months to the end of September, which is considerably more than the €748m annual average spent on development land in Ireland each year since 2014.