The commercial development sector had been slower to rebound at the start of Ireland’s recent economic recovery, but is now quickly growing in response to the demands for high-quality office space, urban regeneration opportunities and the growing wider economy.
Demand for modern office space in the urban centres has far outpaced supply in recent years, driven largely by continued FDI growth and investment. Available office space is at a near all-time low in some markets, and the shortage is limiting the attractiveness of some cities.
Hotel capacity is also falling short of demand in many tourists centres, as Ireland continues to see growth in tourist numbers and expenditure. Developers and hotel operaters have sought to both maximise any additional potential in existing sites and identify new location opportunities, on the back of strong occupancy rates in recent years that look set to continue.
There is also significant recent activity in larger mixed-use commercial developments, often prompted by large urban regeneration opportunity sites. These developments must often balance the right combination of residential, retail, office and civic facilities to ensure they meet local requirements and make financial sense.
In all instances, the correct planning strategy and planning advice is critical to delivering successful commercial development projects, supported by the necessary project management, environmental and other advices that MKO’s clients can benefit from our experience in delivering.