The highly-rated research team at CBRE in Dublin has moved to quell fears of oversupply in the Irish retail market, despite the surge in new development in recent years and a downturn in consumer confidence.
"We have concluded that the pace of retail development activity in Ireland has eased considerably in the last two years and that the potential for oversupply is, to a large extent, overstated," the firm said in its latest Retail Market View.
CBRE calculates 1.4 million sq m of shopping centre space has been built since 2003, and by the end of 2008, Ireland will have more than 1.94 million sq m, or 0.43 sq m per head of population. A further 350,000 sq m is due to come on-stream in 2009. It also suggested that space in Ireland is high in relation to elsewhere in Europe. But CBRE points out: "Developers now appear to be more cautious regarding shopping centre development. The scarcity of development finance in the current market is inhibiting further speculative development."
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