Key Takeaways
- • Irish commercial property investment topped €2B in the first nine months of 2026, putting the market on course for its strongest full year since 2022, according to adviser Savills.
- • Q3 2026 volume totaled about €649M across 20 deals, down 6.5% year on year, but average deal size rose 60% to €32M from €20M in Q3 2025.
- • Quantum Immobilien's €180M purchase of the 268-unit Quayside Quarter in Dublin's North Docklands was the largest Q3 deal; BNY Mellon paid €160M for The Shipping Office in Dublin 2.
- • U.S. investors accounted for 47% of Q3 investment, the highest share since Q2 2016, while institutional investors made up 63% of purchases.
- • Savills' pipeline points to around €3B of full-year 2026 investment, though the adviser warned that tougher financing conditions make the recovery fragile.
Summary
Investment in Irish commercial property topped €2B in the first nine months of 2026, according to Savills, putting the market on course for its strongest full-year performance since 2022. About €649M was invested across 20 deals in the third quarter. That volume was 6.5% below the same period last year, but larger transactions lifted the average deal size to €32M, up 60% from €20M in Q3 2025. Savills said its current pipeline points to around €3B of investment for the full year and expects activity to remain strong through the final quarter.
The largest Q3 transaction was Quantum Immobilien's €180M acquisition of the Quayside Quarter, a 268-unit residential scheme in Dublin's North Docklands, bought from Greystar. The German investor made its first purchase in Ireland with the deal. BNY Mellon was behind the second-largest transaction, paying €160M to Marlet for The Shipping Office in Dublin 2. BNY Mellon already occupies a significant portion of the recently completed South Docks office building.
By sector, residential accounted for 39% of Q3 investment, offices 29% and logistics 25%. Retail, which Savills described as last year's star performer, fell to just 6%, with mixed-use assets at 1%. In logistics, Realty Income bought a portfolio of industrial assets from DSV for €70M in a sale-leaseback, and an Irish pension fund paid €39M for an off-market industrial portfolio. Institutional investors made up 63% of purchases and four of the five largest deals. U.S. investors represented 47% of the quarter's investment, the highest share since Q2 2016, while European investors accounted for a further 39%.
Savills Ireland Director of Investments Kevin McMahon said the return of larger transactions has been the most significant feature of the year, adding that capital is available for good Irish assets across sectors. He also cautioned that financing conditions have become more challenging again, so pricing, asset quality and stable cashflow growth will remain important into the final quarter. In residential, Duffy Property Group agreed a €65M joint venture with Avenue Capital Group to accelerate delivery of its pipeline, part-funding more than 800 new homes and a purpose-built student accommodation project in Galway and Cork, plus a near-term acquisition pipeline of around 1,500 homes.
The largest Q3 transaction was Quantum Immobilien's €180M acquisition of the Quayside Quarter, a 268-unit residential scheme in Dublin's North Docklands, bought from Greystar. The German investor made its first purchase in Ireland with the deal. BNY Mellon was behind the second-largest transaction, paying €160M to Marlet for The Shipping Office in Dublin 2. BNY Mellon already occupies a significant portion of the recently completed South Docks office building.
By sector, residential accounted for 39% of Q3 investment, offices 29% and logistics 25%. Retail, which Savills described as last year's star performer, fell to just 6%, with mixed-use assets at 1%. In logistics, Realty Income bought a portfolio of industrial assets from DSV for €70M in a sale-leaseback, and an Irish pension fund paid €39M for an off-market industrial portfolio. Institutional investors made up 63% of purchases and four of the five largest deals. U.S. investors represented 47% of the quarter's investment, the highest share since Q2 2016, while European investors accounted for a further 39%.
Savills Ireland Director of Investments Kevin McMahon said the return of larger transactions has been the most significant feature of the year, adding that capital is available for good Irish assets across sectors. He also cautioned that financing conditions have become more challenging again, so pricing, asset quality and stable cashflow growth will remain important into the final quarter. In residential, Duffy Property Group agreed a €65M joint venture with Avenue Capital Group to accelerate delivery of its pipeline, part-funding more than 800 new homes and a purpose-built student accommodation project in Galway and Cork, plus a near-term acquisition pipeline of around 1,500 homes.
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