So says one of the NAMA US and GB valuation panel members, Cushman and Wakefield’s, periodic economic reports published yesterday (free registration required to access the report). Together with Oxford Economics, the C&W estimate is that the State’s economic growth in the 2009-2012 period will be twice that of Dublin (Figure 6, page 7). For those involved in spatial analysis of the State’s future needs, this will be of interest. In terms of housing demand, it may give support to those who argue that demand in non-Dublin areas will be greater than in the capital.
The report itself has lots of interesting data and it sets an overall context into which C&W’s predictions for commercial real estate sit. In brief for western Europe, C&W are expecting Grade A commercial property to recover soonest (“pricing is now about as good as it will get”) whilst there may be further falls in prospect for secondary property. This supports the key conclusion in a report by property company rival and fellow NAMA valuer, CB Richard Ellis last week.
