News & Events

SOME STABILISATION EMERGING IN THE IRISH COMMERCIAL PROPERTY MARKET

March 1st, 2010 Property consultants CB Richard Ellis today launched their latest bi-monthly assessment of conditions in the Irish commercial property market. The March 2010 update states that while conditions remain challenging in the property market, there are some encouraging signs of stabilisation emerging both in terms of rents and yields.
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EUROPEAN AND ASIAN OFFICE MARKET RENTS STABILISING

Rental growth in London office market leads global recovery London / New York, 24 February 2010 – The effects of the economic crisis on demand for office space varied across the world’s major office markets in 2009, and there are now widespread differences in their rental characteristics, according to CB Richard Ellis’ (CBRE) new Global Office Rental Cycle report. Almost all real estate markets in Europe and Asia are now seeing rents falling at a slower rate and in some cases stabilising, a trend which is expected to continue as take-up improves and vacancy moderates in 2010. In contrast, most US office markets, with the exception of New York, are further back in the rental cycle and are likely to see further falls in rents. Please see PDF of full report attached below for chart ref: CBRE Global Rental Cycle, Q4 2009. The global economic outlook for 2010 is more optimistic than last year and the world economy is expected to return to growth, according to CBRE’s report.
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CB RICHARD ELLIS APPOINTED AS PROPERTY ADVISOR TO ROYAL LIVER PROPERTY PORTFOLIO IN IRELAND

Property consultants CB Richard Ellis have been appointed as external property advisor to the extensive Irish property portfolio of Royal Liver. The portfolio comprises a mix of retail, office and industrial property, mainly located in Dublin. The property consultants will provide portfolio valuations and general property advice, including letting, rent review, building surveying and strategic advice. Caroline McCarthy, Executive Director at CB Richard Ellis said, “The Royal Liver portfolio comprises an excellent mix of high quality prime buildings with substantial opportunities to enhance values through active asset management” Peter Fane, Head of Property at Royal Liver said “Despite the difficulties that the Irish property market has faced in the last 18 months, we are committed to Ireland and feel that market conditions are now showing signs of stabilising. We hope to be active in the market during 2010” ENDS Caroline McCarthy Executive Director CB Richard Ell
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EMEA Commentary on CB Richard Ellis Q4/2009 Financial Results

"A robust final quarter concluded a strong performance in the EMEA region in 2009. Our reported normalised EBITDA margin was 9.0% - or 10.6% if you exclude reimbursables. This includes our investment in setting up more than 30 new corporate outsourcing and facilities management accounts won in 2009. To achieve operating margins at this level in the worst market conditions for decades is an extraordinary achievement and demonstrates the strength of our business model and the talent and commitment of our people." Mike Strong, Chairman and CEO of CB Richard Ellis, EMEA
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PACE OF DECLINE IN PROPERTY RETURNS EASING

Property consultants CB Richard Ellis today welcomed the publication of the most recent index of commercial property returns for the Irish market, produced by the Investment Property Databank in conjunction with the Society of Chartered Surveyors. The index indicates that while property returns in Ireland continued to decline in Q4 2009, the pace of decline has eased considerably in recent months as prime yields begin to stabilise. The latest IPD figures confirm that while total returns for Irish commercial property for the 12 month period to December 2009 were down by an average of 23.3% (-25.4 for retail properties; -22.1% for office properties and -20.4% for industrial properties) the pace of decline eased considerably in the last quarter with total returns down 2.9% in the final quarter compared to more significant value declines in earlier quarters. According to Marie Hunt, Director of Research at CB Richard Ellis, “While commercial property returns are still in negative te
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