Recent speculation that the commercial property market is overheating is unfounded, according to Pat Gunne, who officially launched the new company, Insignia Richard Ellis Gunne, at a reception in Dublin last week. He said the two main factors contributing to the continued buoyancy are the increased investment in Ireland by international companies and the strong tenant demand in each of the market sectors. Ireland continues to be a prime target for international occupiers, especially the US, which accounts for 80 per cent of the total external capital invested in Ireland to date. The US, one of the strongholds of Insignia, accounts for 60 per cent of new projects into Ireland with more than 500 companies having located here.

Even before last week's launch, Gunne already had dealings with a number of Insignia's major corporate clients including AT&T, Global Crossing, Vodafone, Prudential and Despa, one of Europe's largest pension funds.