Property group Rohan wrote almost €12 million off the value of some assets last year following a sustained fall in demand for offices, new figures show.
Airspace Investments, parent of the Rohan group, which owns offices and factories, earned €14.6 million profit in the 12 months to November 30th, 2024, according to its accounts.
But the company’s directors cut the value of its investment office properties by €11.88 million to €64.72 million, which the accounts note was based on open market values.
That brought pretax profits down to €2.48 million last year compared to €5.8 million in 2023, when directors had also written off €1.7 million the value of its office assets.
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Both moves followed years of falling demand for offices as people continued working from home after the pandemic.
Estate agents say that trend is reversing as employers increasingly force staff back to offices and growth spurs demand for prime commercial space, particularly in cities.
CBRE reported this month that up to 240,000sq m of offices could be let in Dublin by the end of the year, with prime rents ranging between €700 and €732 per square metre.
Colin Richardson, the firm’s director and head of research, said valuations had “stabilised” at the “back end of 2024″. He noted that demand in Dublin is more for prime space on the south side of the city centre. Older offices and those in the suburbs continue to suffer.
The Rohan group owns offices and industrial buildings, including the well-known Grand Canal Plaza in central Dublin. Other assets include Dublin Airport Logistics Park, South West Business Park in Citywest, Co Dublin and North City Business Park in Finglas, Dublin.
It sold some factories in 2024, boosting revenues to €26.3 million from €10.7 million the previous year.
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The company did not comment, but its accounts show sales accounted for more than €16 million of last year’s revenues, while rents came to about €10 million, in line with 2023.
Airspace paid an €8 million dividend to shareholders, including James Rohan and Ken Rohan, who is the largest shareholder and also a director, along with other family members.
This was 25 per cent less than 2023’s €10 million dividend, which trailed 2022’s €13.5 million payout.
Airspace had almost €36 million in cash on November 30th, while net assets totalled €175 million.
Directors James Rohan and Eugene McCague note that the company had properties worth €140 million “together with a significant land bank” as of November 30th last year.
