Search Results for 'Economic rent'
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DTZ Sherry FitzGerald reviews the commercial market for 2011 and looks forward to increased activity in the regional markets in 2012
Despite the challenging economic and business environment, 2011 was a positive year for the Galway commercial property market, according to DTZ Sherry FitzGerald. While already having the lowest vacancy rate in the country, the Galway office market enjoyed three large successful transactions during the year.
Upward only rent reviews that are causing financial hardship for tenants leasing expensive commercial properties can only be reviewed where those properties are owned by NAMA, but not where they are in private ownership.
There is good news for students beginning or returning to their studies in Athlone this September; a new report has revealed that Athlone offers the fourth cheapest student rent in the country.
A new survey published by Daft.ie has shown that there has been a slight lift in the rental market in Kilkenny in recent months.
Ireland’s largest retail industry trade body has expressed its support of the Government’s plans to abolish upward only rent review clauses. Retail Excellence Ireland (REI) claims more than 40,000 jobs are at risk in the retail sector unless the system is removed. Currently, rent prices can only increase or remain the same under review, regardless of decreases in market rates. Since rental retail rates increased by 240% between 2000 and 2007, compared to a 30% increment in consumer prices, REI claims businesses are not paying a fair market rate. As it stands, Ireland is one of just a handful of countries who still employ the system, with the remaining jurisdictions employing a market-based approach.
Rent levels for retail premises in Galway city centre were unsustainable even before the economic downturn and continue to be a source of major concern for businesses, according to the Galway Chamber of Commerce which is calling on landlords to be more realistic.
Mayo Fine Gael TD John O'Mahony has welcomed the Government’s ‘belated’ move to allow businesses to benefit from lower rents, but accused Fianna Fáil of indulging in shameless delaying tactics on the matter.