According to Knight Frank’s latest Dublin office market outlook, strong institutional demand for commercial property in Dublin has put the Irish investment market on course for a record-breaking year. The firm says that a total of €2.9 billion was invested in Irish commercial property in the first three quarters of 2014 and that, as a result, investment volumes for the year were already comfortably ahead of 2013’s total of €1.9 billion. The market is set to pass the €3.4 billion invested in 2006, the strongest year on record.

The past two years have seen a remarkable turnaround, Knight Frank says, from the sluggish market of the 2008–2012 period. Activity has been driven by demand from an increasingly diverse range of buyers. US investors pursuing value-added and opportunistic strategies played a large role in the revival of the market in 2013, but have since been joined by a growing variety of domestic and international buyers, including Irish REITs and