Dublin, Ireland, is one of the best places for real estate investments in Europe this year. It is the third time in a row the capital has made it to the elite list. Unfortunately, such a great achievement cannot be said for its office spaces which is deemed to remain unsatisfied for several years.
Silicon Republic reports that the demand from overseas companies, due to boom in tech in jobs and retail covery, are rising. Since it cannot be met for several years, as forecasted, it puts pressure to finding space on inward investment companies and start-ups.
The most recent study released by PwC/Urban Land Institute (ULI) says that a rising demand for new property is due to plenty of capital investment, which Dublin is currently attracting. With the increasing demand, however, the shortage of supplies follows.
Tim O'Rahilly, a PwC Ireland's real estate partner says, "There has been a pretty rapid recovery and people are seeing a real shortage of prime office space in Dublin."
"Development, however, is taking a while to get fully moving. Those seeking higher returns will now have to take on more risk. Opportunities can still be found in the development space but this may involve buying debt rather than land, with investors being prepared to work with the existing landowners."
A change in real estate chain is seen across Europe due to a rapid change of technology, demographics and urbanization-the same reason why investors are turning their attention to cities and assets instead of countries. In addition, healthcare, hotels, student accommodation and data centers are peaking the interest of these investors.
Lisette van Doorn, Urban Land Institute Europe CEO, says, "Investors are getting more creative in trying to access future prime assets at reasonable prices through more focus on alternatives and development." She added an increasing number of players are beginning to pay attention to the needs of occupiers, especially those looking for a balance between their workplace and lifestyle. It would have to be a good fit.
True enough, 78 percent of the respondents on the survey responded that the development makes it attractive to acquire prime assets.
* This is a contributed article and this content does not necessarily represent the views of realtytoday.com
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