Yields on Dublin's Grafton Street, which fell from 5 per cent to 3.75 per cent between 1995 and 2000, are unlikely to drop any further, according to the latest retail use survey from Lisney. The agents report that Dublin has gained an additional 1.8 million sq ft of shopping centre space in the last five years. Demand for space is still at its strongest - a fact underlined by the payment of key money of £500,000 (#634,870) for a small shop on Grafton Street and £400,000 (#507,900) for a standard unit on Henry Street. Fewer shops changed hands on Grafton Street last year than in any year since 1965. The proportion of new lettings on Henry Street was low, but still twice the level of Grafton Street.

Lisney say that multiple traders have increased their share of space on Grafton Street to 86 per cent and to 88 per cent on Henry Street. Hugh Markey of the agency says that while the city has been under threat from large-scale, out-of-town regional centres and has almost choked on a diet of traffic, it still proves a unique retail landscape. In the short term, he says, the construction of the Luas and metro transport systems will cause significant disruption, but will be worth it in the long term.