Estate agent CB Richard Ellis Gunne has said 80% of the money spent by Irish people on commercial buildings will be invested outside Ireland this year.
This is because property speculators cannot find enough opportunities at home.
In its outlook for 2005, the estate agent says that for the first time the Irish will invest in the US in a big way because of the favourable exchange rates. In says the Dublin city centre office market will be very strong, though a recovery in suburban and provincial markets will lag behind.
The group says retail will continue to perform well, with the opening of Dundrum Shopping Centre in Dublin the highlight.
