Cyber risk, regional political instability and climate-related regulatory action are the top 3 macroeconomic concerns for financial performance in 2024, noted by 250 survey respondents in Europe. Interest rates and inflation round out the top 5, while linked to both, cost of capital and short-term liquidity concerns follow.

Meds, beds, sheds and tech to continue to dominate sector preference, while in contrast, offices are set to face another difficult year. This outlook reflects the wider macroeconomic environment an the market cycle. It also follows technological and economic advances.

Cost of capital and capital availability are noted as the weakest fundamentals for real estate in 2024. However, the largest shift in sentiment this year was towards vacancy and leasing activity. 40% of respondents expect leasing activity to worsen, compared to just 20% in last years survey.

2024 to bring a change to the sector, owner and lender landscape within Ireland, as both structural and cyclical changes will be at play. This will provide opportunities for some, but also require challenging decisions to be made by others.