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OUTLOOK 2023

Welcome to this year’s Lisney Outlook 2023. This is the 65th year that we have produced an annual report on the Irish commercial and residential property markets.

2022 was another year where extraordinary and unanticipated global events shaped the world in which we live. In 2023, the first half of the year will be slower, but once interest rates and macro-economic factors begin to improve we expect a better second half to the year.

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65 YEARS OF INSIGHT AND ANALYSIS

Our research reports are among Ireland’s most comprehensive and respected publications. We have been producing our Annual Reviews since 1958, never missing a year.

SECTOR BREAKDOWN

Discover how we expect each property sector to perform in 2023.

Residential

Market stability will depend on how supply evolves and on the wider political and economic issues. The majority of supply this year will come from those wishing to trade up or down.

development land

The development land market remains challenging. Significant construction cost inflation, along with the higher cost of finance, has impacted the viability of schemes.

New homes

In 2022, nationwide housing completions were at their highest level in 13 years, but this still remains well below what is required. Many schemes that were viable 12 months ago are no longer so due to uncertainty.

Investment

Prime yields have softened by between 35 bps and 75 bps and are likely to drift further in Q1. We are optimistic for a recovery in demand and activity from around September and once this comes we believe it will happen quickly.

Offices

The two main talking points in the Dublin office market last year were the adjustments in the global tech industry and continued remote / hybrid working. Both trends resulted in the rise of grey space, where there is now 180,000 sqm available and more is due in the coming months.

Industrial

The commercial property market dynamics changed as interest rate increases took hold, but the industrial sector remained the star performer.

Retail

There will be a cautious start to 2023, due to challenges including increased cost of goods, fluctuating consumer sentiment, rising energy costs, labour shortages and supply chain issues.

License & Leisure

The outlook for licensed premises property market in Dublin and most other larger regional cities remain positive this year.

Healthcare

The healthcare sector remained difficult in 2022. Severe staff shortages along with rising operational costs are issues across all parts of healthcare.

Student Accommodation

Given the counter-cyclical nature of the student accommodation asset type, investor sentiment remains strong.

Cork

The Cork investment market will remain quiet for at least the first six months of the year, whereas the industrial sector will continue to experience good levels of demand in 2023.

northern ireland

The NI Business Rating Revaluation 2023 will shift the burden of rates liability across the sectors.

LIFE AT LISNEY

2022 brought a greater sense of normality to our lives and Lisney made the most of it.

MEET YOUR TEAM

Our doors are always open and we’re only a phone call or an email away. Meet our experts, and find out how they can work for you.

David Byrne
Managing Director
Margaret Kelleher
Chairperson & Senior Director
General Agency
Aoife Brennan
Senior Director
Research & Consultancy
Ausra Marcelyte
Senior Research Analyst
Research & Consultancy
Aoife Hanlon
Director
Residential Lettings
Ann-Marie McCoy
Director & Branch Manager
Residential Sales
Avril Kelly Carter
Head of Marketing
Marketing
Barry Connolly
Divisional Director & Branch Manager
Residential Sales
Brian Gilson
Senior Director
Valuation and Advisory
Cathal Daughton
Senior Director
Industrial, Development Land & New Homes
Christopher Belton
Director
Investment
Ciaran Cassidy
Divisional Director
Residential Sales
Colm Quaid
Divisional Director & Branch Manager
Residential Sales
Conor Lennon
Divisional Director
Offices
Daniel Cahill
Director
Valuation and Advisory
Darren Chambers
Director
Residential Sales
David Ashmore
Director
Country Homes
David Bewley
Senior Director
Residential Sales
David McCarthy
Director
Cork Commercial
Deborah Mahon
Divisional Director
Offices
Edward Hanafin
Senior Director
General Agency
Emma Coffey
Director
Retail
Fintan McCluskey
Senior Chartered Surveyor
Valuation and Advisory
Frank McSharry
Divisional Director
New Homes
Helen Callaghan
Director
Valuation and Advisory
Jackie Fitzpatrick
Director
Investments
James Kearney
Divisional Director
Industrial
James Nugent
Senior Director
Investments and Offices
Jason Fielden
Divisional Director
Valuation and Advisory
Jason O’Neill
Divisional Director
Valuation and Advisory
John O’Sullivan
Director
Residential Sales
Karen O’Reilly
Divisional Director & Head of HR
Human Resources
Louise Kenny
Director & Branch Manager
Residential Sales
Lynda Gordon
Divisional Director
Investments
Martin O’Halloran
Divisional Director
Advisory, Valuations
Michelle Kealy
Divisional Director and Branch Manager
Residential Sales
Pat Falvey
Director
Head of Cork Residential
Patrick Hughes
Director
Valuation and Advisory
Paul Hipwell
Senior Director
Offices
Robert Lawson
Divisional Director
Residential Sales
Robyn Espey
Divisional Director
Residential Sales
Ronan Diamond
Senior Director
Valuation and Advisory
Ronan Quinn
Chief Financial Officer
Accounts
Rory Browne
Divisional Director
Licensed & Leisure
Rory Kirwan
Director
Residential Sales
Ross Shorten
Director
Development Land
Shane Markey
Divisional Director
Licensed & Leisure
Shane O’Beirne
Director
Valuation and Advisory
Stephanie Patterson
Divisional Director
New Homes
Stephen Day
Senior Director
Residential Sales
Thomas Byrne
Divisional Director
Investments
Tom McCarthy
Director
Property Management, Health & Safety
Tony Morrissey
Director
Licensed & Leisure
Tracey Gilbourne
Divisional Director
Residential Sales
Trevor O’Sullivan
Divisional Director
Residential Sales

OUTLOOK 2023

Every decision we make, and every piece of advice we give is backed up by decades of research into the Irish property market. You can trust our long-term analysis. Discover our Outlook for 2023 below.

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