High Street Retail Vacancy Rates Improve Across Many Cities In Ireland
High street occupancy improves as occupier activity and sales grow
Dublin, 14th April 2015 – Commercial property consultants CBRE today released statistics on the Irish retail market which point towards an improved retail environment across many locations throughout the country. CBRE MarketView | Ireland Retail Q1 2015
According to CBRE, high street vacancy rates improved in six out of the nine retail locations surveyed over the last six month period, which the property consultants say is in stark contrast to this time last year when rates were moving in the opposite direction. The prime high streets in Belfast and Limerick showed the most significant reduction in ground floor vacancy in the last six months, contracting by between 3 and 4% to stand at 10% and 14% respectively. Sligo, Athlone and Dublin also showed an improvement in high street occupancy over the period, with the capitals ground floor vacancy rate now standing at 3.2%. Cork, Killarney and Kilkenny showed an increase in ground floor vacancy between Q3 2014 and Q1 2015, however the agents note that there are aware of a number of deals agreed in these locations which should alleviate the vacancy in coming months once signed.
Its encouraging to see an improvement in ground floor vacancy rates across the country as it is not only a sign of the increased occupier activity which we are experiencing but also of local councils and landlords becoming proactive to work towards a solution to double digit vacancy rates in high street locations.
According to CBRE, prime Zone A retail rents on Dublin’s Grafton Street increased to €5,500 per square metre per annum in Q1 2015, while rents elsewhere remained stable over the quarter. The property consultants in their report also note that 2014 was a strong year for retail investment across the country as over €1 billion was invested in the sector, followed by a further €36 million in Q1 2015. On the back of this strength in investor activity, CBRE that prime retail yields now stand in the order of 4% having contracted by 50 basis points since Q3 2014.
- Click here to downlaod the full report:
CBRE MarketView | Ireland Retail Q1 2015
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.