According to the report published by TWM; “Commercial real estate turnover draft figures for Q2 2023 have been released and show a decrease in overall spend from the previous quarter and the 10-year average. The total volume of transactions in Q2 equated to about €200 million – a 68 per cent decrease from Q1. However the number of transactions was in line with Q1 at 22 for the quarter compared to 26 in Q1, indicating investors are still active but at smaller lot sizes.
The top transaction for the quarter was Remakes acquisition of 87-88 Harcourt Street, a prime modern office block at the rear and Georgian building at the front extending to 53,000 square feet, (about 4,925 square metres), and let on a 10-year lease to Byrne Wallace. It is reported to have traded for €34 million equating to a net initial yield of 6.55 per cent and capital value per square foot of €638.”
Commercial real estate turnover Q2 figures drop 68% to €200m
