Investment in Irish commercial property topped €2B in the first nine months of 2026, putting the market on course for its strongest full-year performance since 2022, according to adviser Savills.

About €649M was invested across 20 deals in the third quarter, and while that was 6.5% below the same period last year, larger transactions pushed the average deal size to €32M, up 60% from €20M in Q3 2025.

Savills said it expects the market to remain active through the final quarter, with its current pipeline pointing to around €3B of investment for the full year.

The largest deal in Q3 was Quantum Immobilien's €180M acquisition of the Quayside Quarter, a 268-unit residential scheme in Dublin's North Docklands, from Greystar in the German investor's first purchase in Ireland.

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.

Logistics also attracted significant capital. Realty Income bought a portfolio of industrial assets from DSV for €70M in a sale-leaseback deal, while an Irish pension fund paid €39M for an off-market industrial portfolio.

Residential delivered the largest share of investment in Q3 at 39%, followed by offices at 29% and logistics at 25%. Last year's star performer, retail, accounted for just 6%, with mixed-use assets the remaining 1%.

Institutional investors represented 63% of purchases and four of the five largest deals.

U.S. investors were particularly active, representing 47% of the quarter's investment, the highest share since Q2 2016, while European investors accounted for a further 39%.

“The most significant feature of the market this year has been the return of larger transactions," Savills Ireland Director of Investments Kevin McMahon said in a statement. “There is clearly capital available for good Irish assets, and we are seeing that across all sectors rather than in one part of the market alone. The level of international activity is also encouraging.”

However, there was a recognition that global macroeconomic conditions make any recovery fragile.

“Financing conditions have become more challenging again, however, so pricing, asset quality and stable cashflow growth will remain important as we move into the final quarter,” McMahon added.

In another encouraging development for the Irish residential market, Duffy Property Group has agreed a €65M joint venture with Avenue Capital Group to accelerate delivery of its residential development pipeline.

The investment will part-fund more than 800 new homes and a purpose-built student accommodation project across its existing portfolio in Galway and Cork, plus a near-term acquisition pipeline of around 1,500 homes.