Investment in Irish commercial property has surpassed €2 billion in the first nine months of 2026, marking the strongest performance for the period since 2022, according to new research from Savills.

The latest figures show that €649 million was invested across 20 transactions during the third quarter. While the total was 6.5% lower than the €694 million recorded in Q3 2025, the average transaction size increased significantly.

The average deal reached €32 million during the quarter, compared with €20 million in the same period last year.

Savills expects activity to remain strong through the final quarter, with the current transaction pipeline indicating that total investment could reach approximately €3 billion for the full year.

Residential property was the largest investment sector during the third quarter, accounting for 39% of total activity.

Offices followed with a 29% share, while logistics represented 25%. Retail accounted for 6% of investment, with mixed-use properties making up the remaining 1%.

The largest transaction of the quarter was the €180 million acquisition of Quayside Quarter in Dublin's North Docklands by Quantum Immobilien from Greystar.

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The 268-unit residential development marks Quantum Immobilien's first investment in the Irish market.

The second-largest transaction was BNY Mellon's €160 million acquisition of The Shipping Office in Dublin 2 from Marlet. BNY Mellon already occupies a significant proportion of the recently completed South Docks office development.

Logistics also recorded a strong quarter, with Realty Income acquiring a portfolio of industrial properties from DSV in a €70 million sale and leaseback transaction.

An Irish pension fund also acquired an off-market industrial portfolio for €39 million.

Institutional investors continued to account for the majority of activity during the quarter, representing 63% of purchases and four of the five largest transactions.

US investors were particularly active, accounting for 47% of total investment volumes. According to Savills, this was the highest quarterly share recorded by US investors since the second quarter of 2016.

European investors accounted for a further 39% of investment during the period.

Kevin McMahon, Director of Investments at Savills Ireland, said: "The most significant feature of the market this year has been the return of larger transactions. We have now passed €2 billion for the first nine months of the year, but just as importantly, the average deal size increased by 60% in the third quarter.

"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. US and European buyers accounted for the vast majority of investment during the quarter, while Quantum Immobilien's acquisition of Quayside Quarter brought another new European investor into Ireland.

"We have a good pipeline of transactions moving through the market and, on that basis, we expect investment volumes to reach approximately €3 billion by year-end. 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."