Cairn boss on Dublin hotel and office development: ‘We just built a city that nobody lives in’
The developer has said that an over-concentration of hotel and office building in Dublin has created an unsustainable city
Development in central Dublin has been overly focused on offices and not been conducive to creating a sustainable city, Michael Stanley, the head of Cairn Homes, has said.
Speaking following the release of the firm’s latest financial results, Stanley said that the current slowdown in the commercial property market is likely to free up resources to increase housebuilding.
The slowdown in commercial development has come following many record years for new-build office lettings over the past decade. A recent commercial property research by Lisney has shown that vacancy rates in Dublin’s office stock have now grown significantly to 15.7 per cent.