Investment in Irish commercial property reached €444m between July and September, according to new data from CBRE Ireland.
The total is well below the long-term average for the market here, which comes in at around €1.1 billion.
The dip is part of a trend that has seen the total spend so far this year come in at €1.4 billion.
CBRE said it means that the Irish market will likely end the year at less than 50% of the €4.3 billion level recorded on average each year over the last decade.
"Commercial real estate investment markets around Europe continue to adjust to a higher interest rate environment, and as such, investment activity remains relatively low," said Head of Research at CBRE Ireland, Colin Richardson.
"However, Q3 transactional activity in the Irish market improved on the level seen in Q2, and the number of large-scale deals that completed this quarter was particularly encouraging."
The largest transaction during the period was the sale of George's Quay House in Dublin 2 to French asset manager Corum Asset Management for over €80m.
Among other major deals between July and September was the sale of the Hexagon Shopping Centre portfolio for €74m, a collection of six regional shopping centers, the largest retail investment transaction of the year.
"Private investors are some of the most active in the market at present, while French funds continued to show interest in the Irish market in Q3," Mr Richardson said.
"Institutional investors are being more selective in assessing investment opportunities at present, but what this quarter shows is that there is continued appetite for investment into sectors such as offices, that are perceived to be out of favour."
