CHANGING SPACE THERE HAS BEEN A PALPABLE MARKET SHIFT IN THE PROPERTY MARKET SINCE COVID-19 WAS FIRST EXPERIENCED IN IRELAND EARLIER THIS YEAR, AND THE CHANGE CONTINUES.
T
he sectors of the market have been impacted in different ways and it is interesting to see the resilience of ‘defensive’ assets to date in the residential and industrial sectors. The impact of psychology in terms of herd behaviour and market sentiment
is an important variable as we try to navigate the likely future projections and performance of the property sub-sectors. The varying impacts on households are also key factors, with some experiencing minimal change and others devastated by job losses and income reductions, not to mention health impacts on family members. Until a vaccine is created and utilised, we can expect ongoing disruptive impacts on the market. The pandemic will particularly affect businesses that rely on gatherings of people such as music venues, theatres, restaurants, retail and co-working spaces. While there are certainly negative impacts, there are also opportunities to rethink how we design and utilise our built environment. It is rare that an event occurs that so substantially shifts the market paradigm that it offers a large-scale
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rethink on what we consider the fundamentals of that market. How we occupy buildings, the preferred locations of different asset types, the way we travel, the way we work and interact, all of these are shifting and we have a unique opportunity to shape our cities and towns in a different (and better) direction.
FEATURE Claire Solon MD, Greystar Ireland
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SURVEYORS JOURNAL Volume 10, Issue 3, Autumn 2020
BETWEEN MAY AND JULY, THE NUMBER OF RENTAL ADS IN DUBLIN WAS APPROXIMATELY 50% HIGHER THAN THE SAME PERIOD IN 2019.
Emma Leonard Associate Director, Sigma Retail Partners
