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CBRE examines long-term trends in European logistics markets and their implications for Ireland's industrial real estate sector.
CBRE Ireland's Q2 2026 Dublin Office Market Report documents prime headline office rents rising to €67.50 per sq ft, surpassing the previous nominal peak set in Q4 2017.
Irish commercial real estate investment reached €814 million across 41 transactions in Q4 2025, with the living sector leading activity at 38% of turnover driven by record student accommodation deals, while retail rebounded strongly at 27% and international investors (particularly UK and German buyers) accounted for 80% of activity. The 2025 full year saw €2.44 billion invested across 122 transactions broadly in line with 2024, though deals over €50 million declined as a proportion of turnover from earlier quarters, and Dublin dominated with 78% of quarterly activity.
Dublin's industrial and logistics market recorded approximately 50,700 square metres of take-up across 23 deals in the first quarter of 2026, though this remains below historical averages at around 159,000 square metres over the preceding twelve months. Dublin's office market achieved approximately 53,000 square metres of take-up in Q2 2026, with first-half 2026 totalling approximately 90,000 square metres, roughly 10% below the five-year H1 average but showing broadening demand beyond the central business district.
This is a data report published by CBRE on December 31, 2025, presenting fourth quarter 2025 figures for the Dublin office market.
Dublin office market activity moderated in Q4 2025 with 67,000 sqm of take-up, down from 75,400 sqm in Q3 but remaining 41% above Q4 2024 and exceeding the 10-year quarterly average of 58,200 sqm. Prime city centre rents remained stable at €678–€700 per sqm, the headline vacancy rate stood at 14.7%, professional services led occupier demand at 36% of take-up, and North American occupiers accounted for 31% of activity while domestic occupiers represented 22%.
The 2025 Ireland Retail Parks Report by Cushman & Wakefield documents market conditions characterized by near-full capacity with vacancy at approximately 3.3%, driven by demand rather than new development, and identifies Home, Value, and Leisure retailers—particularly Furniture & Home Furnishings accounting for just over one-fifth of total GLA—as leading growth categories. The report notes that over €350 million in major transactions were completed in 2025, with strong backfilling activity including five Range and three B&Q deals, and identifies stable employment, rising real incomes, and tight supply as factors supporting retail parks as resilient investment opportunities aligned with Irish consumer trends.
This is a capital markets report published by Colliers at the end of Q4 2025 covering Ireland, with a focus on Dublin and the broader European context.
This is a capital markets report published by Colliers in September 2025 covering the third quarter of 2025, with focus on Ireland and Dublin. The report appears to address capital markets activity and trends in the Irish commercial real estate market.
Dublin's office market strengthened in Q3 2025 with take-up reaching 75,400 sqm, up 43% year-over-year, driven by 57 completed transactions across diverse sectors with improved occupier confidence and declining vacancy rates at 14.9%. Prime city centre headline rents remained stable at €678–€700 psm, with domestic occupiers accounting for 49% of activity, the financial sector leading at 33% of take-up, and suburban activity increasing notably to 35% of total transactions.
This is a hospitality sector report published by Cushman & Wakefield in September 2025 covering the Dublin hotel market as of year-end August 2025. The report is part of the publisher's sector-spotlight series focused on regional market analysis.
Lisney's Q3 2025 Investment Report documents Irish commercial real estate activity, which reached €698m across 34 transactions, with the living sector rebounding to lead activity at 37% of turnover for the first time since early 2023, followed by offices at 35% and industrial at 13%. Larger deals over €50m accounted for 54% of quarterly turnover, French investors remained particularly active at 30% of turnover, and Dublin dominated with 96% of total investment activity, while off-market transactions comprised 51% of the quarter's deals.
Investment volumes of $10 million or more totalled approximately $3.7 billion in Q4, marking the highest quarterly level since 2022, while 2024 yearly investment volumes reached their highest level since 2021, nearly doubling 2023 figures. Institutional investors expanded their market share to 54% of total deals in 2024, with all retail centre types experiencing increased transactional activity in Q4.
Savills' Q1 2025 Ireland Investment Market report analyzes €542.5 million in transaction volumes across 25 deals with an average deal size of €21.7 million, more than triple Q1 2024 but 28% below the five-year average, driven primarily by Realty Income's €220 million acquisition of Oaktree's retail parks portfolio. Retail dominated market share at 50%, followed by hotel at 16% and offices at 15%, with institutional buyers accounting for 69% of acquisitions while prime sector yields remained unchanged from Q4 2023, and investment volumes outside Dublin exceeded those within Dublin at 54% versus 46%.
This Savills report reviews Ireland's commercial real estate investment market in 2024 and provides a 2025 outlook, analyzing yield stabilization, deal volumes of €2.5 billion across 115 transactions, and sector performance including retail's 42% market share and office's 21% share. The document projects that income growth rather than yield compression will drive returns in 2025, expects new supply of offices and private rental sector housing to fall approximately 65% while logistics declines 12%, and forecasts strong refinancing activity despite some distressed opportunities as interest rates remain elevated relative to pre-pandemic levels.
Dublin's industrial and logistics market experienced record-low take-up of 1.3 million square feet in 2024, the lowest since 2014, driven by a 79% decline in modern stock transactions amid severe supply constraints. The market outlook for 2025 anticipates recovery through 1.7 million square feet of new completions (with only 28% currently leased), alongside prime rent increases to €13.75–€14.00 per square foot from new fire safety regulations and trade policy uncertainty expected to constrain occupier decision-making.
This is a market outlook and forecast report published by CBRE on December 31, 2024, covering the Ireland real estate market with a focus on capital markets activity, including coverage of Dublin and broader Irish geography within the European and UK contexts.
Savills Research's 2025 Dublin office market review reports that Dublin 2 vacancy increased from 5.7% in 2021 to 16.3% by end-2024, but is expected to tighten significantly as grey space absorption accelerated in 2024 and 55% of newly delivered pipeline is already reserved. Prime benchmark rents in the CBD grew 4% year-on-year to €65.00 psf in Q4 2024—the first quarterly increase since Q2 2022—with the report projecting continued rental growth driven by occupier demand for high-specification, centrally located ESG-compliant stock and an expected surge in letting activity in 2025 underpinned by substantial pre-let commitments including Workday's 416,000 sq ft reservation.
Dublin's capital markets recorded €433.5 million in investment activity across 22 deals in Q1 2026, with geopolitical instability and volatile swap rates causing transaction delays, though deals that proceeded to signing faced no material concessions. International investors represented 73.4% of total volume at €318.4 million, and a single €212 million acquisition of Newmarket Yards by Singapore's sovereign wealth fund GIC accounted for nearly half of quarterly transacted volume.
Dublin's industrial and logistics market recorded 524,083 sq ft of take-up across 25 transactions in Q1 2026, representing a 45% decline from Q4 2025, with prime rents for larger units ranging from €13.25 to €15.00 per sq ft and smaller well-located units achieving €18.00 to €20.00 per sq ft. The market maintains a constrained supply environment with an estimated vacancy rate of 3.5% to 4% and over 799,000 sq ft of reserved space from the prior quarter in advanced negotiation stages.
Irish real estate investment reached €2.4 billion in 2025, approximately €800 million in Q4 2025, with retail leading at 30% of transactions by value, followed by office at 27% and the living sector emerging as the third largest sector. Key Q4 deals included Jervis Shopping Centre (€110 million), Project Galaxy student accommodation (€104 million), and Newmarket Square residential (€75 million), while economic indicators showed GDP growth forecast at 1.0% for 2026 and unemployment at 4.8%.
Dublin office market take-up in 2025 reached approximately 253,200 square metres, the strongest performance since 2019, with Q4 specifically accounting for 67,800 square metres across 69 deals, while the CBD availability ratio improved to 13.7% by Q4 2025, the lowest in two years. The future development pipeline for 2026 and 2027 combined stands at only 146,000 square metres with approximately 64% already pre-let or reserved, significantly below the market's historical average annual take-up of over 202,000 square metres per annum.
This is a real estate market outlook and forecast report published by CBRE at the end of 2025 covering the Ireland real estate market, with a focus on capital markets activity in Dublin and broader Irish geography.
In Q4 2025, Ireland's retail investment market recorded €210.5 million across 9 deals with an average deal size of €23.4 million, down 29% from 2024's €733.4 million in 33 deals, with major transactions including the €110 million sale of Jervis Shopping Centre to Pradera and the €36 million LIDL portfolio sale to ICG. High street prime rental growth reached +1.0%, retail warehouse rental growth +11.4%, and shopping centre rental growth +4.0%, while consumer sentiment declined 17.2% year-on-year but showed signs of improvement in Q4, supported by low unemployment at 5%, average weekly earnings growth of 4.9%, and household deposits of €161 billion.
Ireland's industrial and logistics market achieved approximately 80,100 square metres of national take-up in Q4 2025, bringing the full-year total to 326,400 square metres—an 83% increase over 2024—driven primarily by Dublin where take-up more than doubled. Prime Dublin rents rose 6% in 2025 to €149 per square metre with further growth forecasted, vacancy remained tight at 3.6% nationally, investment volumes reached €100 million in Q4 led by the €61 million Northgate portfolio sale, and the sector delivered an 8.4% total return based on MSCI data despite moderating but resilient global trade conditions and Ireland's solid domestic economic performance.
Irish investment spending reached approximately €699 million in Q3 2025, up from Q2 and 18% stronger than the prior twelve months, with the living sector comprising €260 million (led by Ardstone's acquisitions of Spencer Place and Birchwood Court) and the office sector accounting for €247 million across 12 transactions. Economic indicators for 2025 forecast GDP growth of 10.8% and personal consumption of 2.9%, while the sector breakdown shows residential representing 37% of investment volumes, office 35%, retail 14%, and industrial 13%.
Cushman & Wakefield's Q3 2025 Ireland retail report documents €94 million in transaction volume across 9 deals—a 41% decline from Q2 and 65% decline year-over-year—with major sales including The Arena Centre (€33 million), car showrooms in Swords (€24.5 million), and Nutgrove Retail Centre (€11.9 million), concentrated primarily in Dublin. Prime high street rental growth slowed to +0.2% year-over-year, while retail warehouse rentals grew 9.2% and shopping centre rentals 1.8%, supported by modest improvements in consumer sentiment (61.7 in September, though below the long-run average of 83.8) and retail sales volume growth of 3.5%.
Dublin's industrial and logistics market recorded 491,600 square feet of take-up across 17 deals in Q3 2025, representing a 71% year-on-year increase, while 763,900 square feet of new supply completed across eight units—the highest quarterly delivery since Q2 2023. Prime rents increased by €0.75 per square foot to €13.75 psf over the past year, and the vacancy rate rose to 2.4% as delivery of vacant completions accelerated, though Dublin maintains one of Europe's lowest vacancy rates despite strong supply growth.
Ireland's residential investment market contracted significantly following 2022 interest rate hikes and rental regulations, with total investment reaching €481 million in 2024 (10.8% above 2023 but 56% below the ten-year average) and only €10 million deployed in Q1 2025. Dublin apartment completions are projected to decline 40% from 2023 peaks and 17.8% from 2024 levels in 2025, falling far short of the estimated annual requirement of 19,600 to 36,400 units, though analysts expect modest recovery in 2026–2027 supported by government rental sector reforms announced in June 2025 and favorable economic fundamentals including 4% unemployment and a young population demographic.
Irish PBSA review: full-time enrolment over 215,000 with strong international inflows; Dublin facing ~34,300-bed deficit; investment rebounded to EUR 183m transacted in 2025.