Demand for retail premises remains ‘robust’, according to commercial property specialist CBRE, mainly due to growth in the health and wellbeing, beauty and leisure sectors.
According to the report, the retail sector has become less reliant on the fashion sector.
Ahead Of The Pack
The report revealed that Irish consumer spending had performed well in comparison to many of our neighbours, driven by continued strong job creation, wage inflation, and Ireland’s unique demographic profile.
The report highlights several key events in recent weeks that show the demand for retail property in the country, citing Boots’ plans to occupy a new 700 square metre unit in Galway.
Although Brexit uncertainty will now carry over into the Autumn, the Irish economic backdrop remains solid, buoyed by continued strong job creation, which in turn bodes well for the commercial property market,” Marie Hunt, director and head of research at CBRE Ireland, said.
“With the exception of the retail sector, prime yields in the Irish market remain stable at the mid-year point, and, in some cases, have potential to harden further during the second half of the year.”
Hunt added that the months of July and August will now be focussed on completing transactions which are currently in negotiations before the traditional selling season kicks off in September.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.