"€381.5 million worth of deals transacted in Q1, representing a 34% decline on Q2 2024.  Nevertheless, this brings H1 volumes to €924.0m, a 27% increase on the same period last year. There was a total of 21 deals, translating into an average deal size of €18.1 million. There remains an opportunity for 2025 to exceed the €2.5 billion transacted in 2024, against a backdrop of lower interest rates and a potential recovery in the PRS pipeline. Offices accounted for the largest market share by sector at 47%, followed closely by retail at 42%. Institutional players were the most active on both the buy side and sell side. High street prime retail yields tightened by 25bps to 5.25% in Q2, marking the first yield contraction of any market segment since interest rates started to rise three years ago in July 2022. "

"Take-up rebounded to 549,000 sq ft in Q2, in-line with the 10-year average and almost four times higher than the same period last year. This represents a continued strengthening of the recovery that started in Q4 2024. The recovery was driven by an increase in both the number and size of deals, with both measures growing significantly on the same quarter last year . There was one notable completion in Dublin this quarter, namely 113,000 sq ft at Unit P2, Horizon Logistics Park, which was a design and build development. The vacancy rate declined to 2.1% in Q2, down from 2.3% in the previous quarter. The increase in market activity, combined with transactional evidence, led us to review the prime rent upwards by €0.50 psf to €13.50 psf. Meanwhile, secondary rents remained stable at €11.25 psf."

"Take-up rebounded to 560,000 sq ft in Q1, nearly three times as high as the first quarter of 2024. However, it is still 18% below the five-year average. There were 14 deals in the quarter with an average deal size of 40,000 sq ft. Q1 illustrates a rebound in the take-up of modern units, built in the 00s or later, with 468,000 sq ft of modern stock taken up. This is more than triple the first three quarters of 2024 combined. There was one completion in Q1, namely 47,400 sq ft at Unit G1 in Horizon Logistics Park which was pre-let. Despite the lack of vacant completions, the vacancy rate rose to 2.4% in Q1, up from 1.8% in the final quarter of 2024, marking the highest rate since 2019. Meanwhile, the prime rent remained at €13.00 psf and secondary rents rose to €11.25 psf. "

"Take-up in Q1 amounted to 397,000 sq ft across 42 deals, with the average deal size standing at 9,500 sq ft. The largest transaction was the assignment of 54,700 sq ft at Three Wilton Park, Dublin 2, to EY, followed by Apple’s signing for 37,800 sq ft at Four and Five Park Place, Dublin 2. The CBD accounted for 80% of all space taken in Q1, marking the area’s strongest share in three years. The suburbs made up 18% and the city fringe accounted for 2% of all space taken. The highest share by sector was tech at 28% after 10 deals were signed, signalling a potential return to growth in the sector. The second-largest share by sector was professional services at 27%, followed by 16% for financial services firms. A notable addition to vacancy was the Tropical Fruit Warehouse at 80,000 sq ft, albeit a small decline in overall CBD availability meant the Dublin office market vacancy rate eased slightly to 17.5%."

"€542.5 million worth of deals transacted in Q1, representing over three times the volume recorded in Q1 last year but still 27% below five-year average. There was a total of 25 deals, translating into an average deal size of €21.7 million. €2.9 billion has transacted on a four-quarter moving average, the highest level since Q2 2023. However, there remains considerable distance to go before the market achieves the kind of liquidity witnessed before the rise in interest rates in 2022. The share of investment volumes outside of Dublin was larger than those within Dublin (54% versus 46%), supported by the sale of a regional retail park portfolio, and other deals in Cork, Galway and Limerick. Retail accounted for half of market share, primarily due to the retail parks portfolio. Prime yields remain unchanged in Q1 – the scope for yield compression has been knocked back by a volatile start to the year in capital markets due to wider macroeconomic factors."

"Development land deals totalled €127.5 million in Q1 across 21 deals, representing the strongest first quarter performance since 2019. This compares with a five-year Q1 average of €77.2 million, meaning the market has begun 2025 on a strong footing. Land sales were more than three times the value recorded in the same period last year, driven by an increase in both the number of sites that traded, as well as the average price paid, the latter of which stood at €6.1 million. Four of the top five deals were handled by Savills. Dublin accounted for 74% of sales at €94.1 million, while the rest of the Greater Dublin Area of Kildare, Meath and Wicklow recorded three transactions totalling €15.2 million. There was one notable transaction each in the nearby counties of Louth and Kilkenny, while further afield in Cork and Galway there were three and two deals, respectively. "