2021 was the second strongest year on record for investment in Irish commercial property, according to a report from BNP Paribas Real Estate.

According to the report, €5.5 billion in property assets were transacted last year.

US investors were the most active, buying up €1.34billion in office space, warehouses and rental apartments.

They were also the biggest sellers, offloading €750m worth of property.

The report also notes that in net terms, German institutional investors have been the biggest buyers of commercial property here in recent years.

Residential property attracted the biggest slice of investment in 2021, accounting for €2.27 billion. Nearly €1 billion was invested in 'logistics property' which includes warehouses.

The author of the report, John McCartney, Director of Research at BNP Paribas Real Estate, said: "No matter what happens in the economy, people still need to consume goods, which in turn, need to be warehoused.

"Likewise, through the ebbs and flows of economic cycles, people still need places to live," he added.