Commercial Property

Investment in Irish office space hit record-low in 2023

2023 was a perilous year for Ireland’s €50 billion commercial property market, which attracted 35 per cent less investment than it did in 2022

The value of office assets dropped to €384 million last year, a record-low for this asset class. Picture: Getty

Investment in office and residential assets “fell significantly” in 2023, as Ireland’s €50 billion commercial property market closed out a perilous year down 35 per cent on 2022 levels, figures from Sherry FitzGerald show.

New data published by the estate agent shows investment turnover in the commercial property market took a seismic hit last year. The final investment value for 2023 totalled just over €2 billion in 2023 - “the lowest level seen in a ...