Commercial property market faces €10 billion correction

Central Bank warns of downturn as pension funds and retail investors brace for double-digit losses

A potential €10 billion correction in Ireland’s commercial property market gathered pace last month as rising vacancy rates in the office market combined with higher interest rates continue to drive a sharp adjustment in the market.

Retail investors and pension funds are facing double-digit losses on the value of their investments in commercial property assets, with the Central Bank of Ireland warning last week that the market is now in a “downturn”.

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