Knight Frank November Market Report

Highlights

• French Investment Market 2009 and Beyond
• Landlords and Tenants need to examine their options 
• Dublin Office Marketplace – An Update
• Commercial Rates – A Major Outgoing and revaluation Underway
• Time to Retire / Time to Inherit – Agricultural Land Values
  

• Download full Knight Frank Nov Commercial Market Report (PDF)

A similar tread runs  through many of the articles found in the Knight Frank November Commercial Market Report. This month they concentrate on rental prices and value of commercial units. They also focus on the issue of vacant premises and highlight alternative and new uses available in order to make them viable.  In addition the report draws attention to the French investment market and the value of Agricultural Land in today’s market.

Rundown
As we are all too aware there are many retail units that have been vacant since they were built. Given the state of the market many of these units will remain vacant unless we examine alternative uses urgently for these premises. It is now advisable and worthwhile to seek planning permission for a change of current use in suitable urban locations. Landlords who are innovative with regard to both the use and terms of lease on offer will have an advantage in the market. It is also important that retail occupiers examine opportunities to create a different offer for customers as price is all important and consumers are willing to ignore creative comforts and high end fit outs

In the Dublin office market place 2009 has been one of the most challenging trading years for businesses in Ireland across the occupier categories of Offices, Industrial and retail.
Vacancy rates in Dublin area are now at 22%, some three times the Market equilibrium of 7%, creating strong competition amongst landlords for prospective tenants in the market seeking alternative office premises. However the market is showing some early signs of steadying with the level of deals completed rising.  However the quantum of office stock on the market is expected to stay the same for the next 6-12 months with continued pressure on rents.

Most commercial occupiers in the greater Dublin area are more than likely aware that a revaluation of properties for rating purposes in the four Local Authority areas is currently underway. The purpose of the revaluation is to bring the valuation base date of all property up to September 2005. The previous most recent base was 1988. Without question, property values have changed significantly since that time and the rationale for the revaluation is to create a direct and transparent relationship between the rental value of the property and the actual amount of rates to be paid.  

• Download full Knight Frank Nov Commercial Market Report (PDF)