Dublin's Big Deal
Irish Life has purchased the City Quay development in Dublin, for $156 million from the City Development Fund, which is a subsidiary of Targeted Investment Opportunities. One of the world's leading business advisory firms, Grant Thornton, is the major tenant for the 118,000-sf office building, which is slated for completion in May 2018. Dublin is experiencing strong office market growth as investors look for alternatives to London. During the past four years, Irish Life has invested $1.25 billion of its commercial property portfolio in Ireland, according to Irish Building Magazine.
Global Markets to Watch
Tech startup firms are fueling an
office boom in Berlin. The space crunch
is so tight that leases for central locations have been auctioned off to
aspiring tenants, according to The Wall
Street Journal. Often six or seven applicants vie for the same space and have
to demonstrate their creditworthiness. Berlin’s office vacancy has declined by 66
percent in less than 10 years to 2.7 percent —
the lowest in 17 major cities analyzed, including London and Paris.