EXPERT'S OPINION

The 2008 financial crisis created a severe impact in all markets, causing many companies to rethink the way in which they worked. A large number of offices closed and there was a clear trend towards optimisation of space as companies sought to reduce fixed costs to improve cash flow.

The evolving COVID-19 pandemic will affect all aspects of the commercial and residential property markets in Ireland both from both a rental and capital value perspective and the depth of its impact will be determined by the length of time it takes to get the crisis under control – an imponderable estimate at this stage.

The health crisis has raised many question regarding the head office and its role as a central and symbolic entity. It has highlighted ways of working differently, thanks in part to the number of digital tools we now have at our fingertips.

Google’s decision to back out of a 18,600 sq. m letting at The Sorting Office in Dublin’s Silicon Docks recently brought wails of agony; mostly from media though, it has to be said.

Retail property has traditionally been seen as a secure long term investment class, particularly prime High Street and best in class Shopping Centre and Retail Park Investments. Historically it has provided superior returns, long term stability and growth of income. It has also preserved residual value, allowed for diversification and enhanced the scope to deploy substantial capital in a single transaction.