Index suggests weak property cycle may be approaching the bottom
Industrial properties confined declines to 2.7pc year-on-year
Signs that the current cycle of the Irish commercial investment market may be approaching its bottom are suggested by the latest JLL property index for Q3 2023.
While annual returns fell 9.7pc, Niall Gargan of JLL points out that the downward trend has gradually slowed over the last two quarters.
Its gauge of capital values showed that industrial properties confined declines to 2.7pc year-on-year but offices suffered the largest decline, down 20.3pc.
Those figures differ from the MSCI index based on a larger portfolio. MSCI showed office values down 16.1pc over the 12 months when industrials fell 6.2pc. JLL also shows that retail declined by only 5pc in capital values compared with MSCI’s 9.2pc annual fall.
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