Stephen Aherne, an associate director at the agency, says there has been an “encouraging improvement in investor sentiment” towards both residential and office assets.
He was commenting after issuing figures for the first quarter which show that total investment spend reached €443m. “Activity is expected to strengthen, with a number of significant transactions currently in legal negotiations,” he added.
The standout transaction of the first quarter was GIC’s acquisition of Newmarket Yard residential complex in Dublin 8 for €212m, the largest single asset transaction since the acquisition of Blanchardstown Shopping Centre in 2024.
The second largest deal of the quarter was the acquisition of a portfolio of five industrial units in Dublin for €33m.
Mr Aherne said the office sector performed strongly, recording €136m in investment, the second largest share of the market. A French fund bought Macken House for about €23m. Located on Mayor Street Upper in Dublin’s north docklands, the modern six-storey building covers 4,770 sqm.
After a tough few years, the TWM director said, investors are showing more interest in offices as more employees return to them and because “pricing has become attractive”.
Separate MSCI figures show that capital values for offices fell 28pc between the spring of 2022 and the last quarter of 2025, mainly due to the drag of older offices on the market and to a lesser extent the uncertainty as to what effect increased working from home would have on demand for office space.
Mr Aherne said demand for residential investment also improved due to a number of factors, including European activity and the Government’s rent reforms.
“While Dublin remained the primary destination for capital, a number of regional transactions highlighted growing investor appetite for value opportunities outside the capital,” he adds.
One of the more notable of the regional deals in the first quarter was Fine Grain’s sale of Hawthorne House office building in Limerick to a French fund, Arkea Reim, for €16m.
Mr Aherne said the industrial sector is well positioned for strong performance. The big test will be Henderson Park’s sales of a portfolio which market reports say is guiding €550m and includes Horizon Logistics Park in Swords.
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