RENTS DROP IN DUBLIN
Dublin fell four places in the most recent international survey of shop rents compiled by CB Richard Ellis, the global research consultancy. It is now rated the 20th most extensive city in terms of shop rents. Annual rent per square foot is €3,000 in Dublin compared to €13, 744 in New York and €6,859 in London.
The Sunday Times reported that prime retail rents were down 30 per cent in the last year – only Belfast suffered a steeper drop. And while the rents are stabilising in many locations, they “remain under downward pressure” in the Irish market.
The survey does highlight some encouraging signs, however, including the arrival of Forever 21, the US fashion retailer, which will open its first European store in the Jervis St. Shopping Centre later this year.