Investment activity strengthened towards the end of the year, with Q4 2025 recording turnover of approximately €808 million across 41 transactions, making it the most active quarter of the year. Activity during the quarter was led by the living sector, which accounted for the largest share of investment turnover, followed by retail and office assets, reflecting continued investor demand for well-located assets across a number of sectors.
Over the course of 2025, prime office values remained relatively robust; however, we have seen a correction in capital values within certain subsectors of the office market, particularly older legacy stock. This reflects challenges in assessing rental values, letting void periods, inducements and upgrade costs, together with outward yield movement to reflect increased risk. This trend is most evident in the suburban office market, although it is also evident in parts of the city centre where capital values for certain stock have fallen significantly from pre-Covid levels.
Retail continues to represent an attractive asset class, supported by strong demand for well-located assets in both city centre and suburban locations.
Investor appetite for large-scale PRS and student accommodation opportunities also re-emerged during the year, signalling renewed confidence in the living sectors.
The industrial market continues to be defined by the limited availability of quality stock, with prime rents rising and investment demand remaining strong.
Total investment spend for 2025 reached approximately €2.45 billion, broadly in line with 2024 levels but below the ten-year average of €4 billion.
Overall, the year was characterised by a limited supply of high-quality investment product coming to the market.