BNP Paribas Real Estate Names Keith O’Neill CEO of Ireland Business

BNP Paribas Real Estate has appointed Keith O’Neill as chief executive officer of BNP Paribas Real Estate Ireland, effective Nov. 1, 2026. O’Neill succeeds Peter Flanagan and has been with the firm since 2007, most recently as Executive Director.

The firm announced the appointment as Ireland's commercial property market shifts from repricing toward a selective recovery, with investment volumes, office leasing and occupier confidence all improving.

Keith O’Neill’s Mandate at BNP Paribas Real Estate Ireland

O’Neill has more than 20 years of experience in corporate real estate in Ireland and has held several leadership positions within BNP Paribas Real Estate. The firm said his deep expertise in the Irish market was developed notably through his leadership of Advisory services.

His mission will be to continue the development of the firm's activities in Ireland, strengthen relationships with clients and partners, and support the evolution of the local real estate market. In his new role, O’Neill will rely on the Executive Board of Management and Victoria Fitzgerald, Head of Finance.

“I am honored to take the leadership of BNP Paribas Real Estate Ireland,” O’Neill said. “Leveraging our expertise and the quality of our teams, we will continue to support our clients in their real estate projects and further develop our presence in the Irish market, while drawing upon the strength of our international network.”

Career Path

O’Neill, 44, began his career in 2005 at JLL as a Graduate Surveyor. He joined BNP Paribas Real Estate in 2007 as a Senior Surveyor and was promoted to Divisional Director in 2015, Director in 2016 and Executive Director in 2018.

He holds a Bachelor of Science degree in Real Estate from Oxford Brookes University and completed training in auctioneering, valuation and estate agency at the Dublin Institute of Technology. He has been a qualified chartered surveyor since 2009.

Pan-European Strategy

BNP Paribas Real Estate said it has strong ambitions to provide clients with more integrated support across Europe and to position itself as the trusted regional expert for global owners and occupiers with multi-country needs.

“By further developing the expertise of our local teams, we aim to combine their in-depth market knowledge and proximity to clients with the breadth of our services and the unique strength of our pan-European network,” said Marcus Zorn, who was recently appointed to lead the firm's European Advisory activities.

Irish Commercial Property Market Backdrop

Irish commercial property investment exceeded €1 billion in the second quarter of 2026, bringing first-half volume to approximately €1.5 billion, nearly 70% above the same period in 2025. CBRE expects 2026 sales to surpass €3 billion and potentially approach €4 billion as deferred transactions return to the market.

Industrial and logistics accounted for roughly 36% of first-half investment volumes, boosted by the €500 million Horizon Logistics Park transaction. Office investment exceeded €180 million in the second quarter, including the €110 million sale of One Molesworth Street, Dublin 2. Prime Dublin office yields stood at 4.75% at midyear, while logistics and industrial yields were approximately 5.00%.

Dublin office leasing has gained momentum while vacancy remains elevated. Second-quarter office take-up reached 623,039 square feet across 58 transactions, up 57% from the first quarter. Overall vacancy declined to 13.9% from 14.9% a year earlier. About 968,000 square feet was reserved or under offer at the end of June; excluding that space, effective vacancy would have been 12.2%.

Prime Grade A rents in Dublin's central business district have risen to approximately €65 to €70 per square foot. Logistics vacancy is close to historic lows at roughly 3%.

A Polarized Recovery

The recovery is uneven. Demand is strongest for well-located, energy-efficient and amenity-rich offices, while development remains subdued and available commercial space is declining. The Society of Chartered Surveyors Ireland reported a positive national occupier sentiment net balance of +23% across office, industrial and retail sectors, with office demand rising to +31% in the first half of 2026 from +15% a year earlier.

Prime office rents are forecast to rise 6% over the next 12 months, with capital values expected to increase 4%. Industrial rents are projected to rise 4%, with capital values up 3%. Among SCSI surveyors, 75% anticipate higher prime office rents and 63% expect higher capital values, and they expect prime assets to outperform secondary stock.

Higher financing costs have reset asset pricing and made underwriting more sensitive to income quality and capital expenditure, and investors are returning mainly to assets with strong location, sustainability credentials and reliable occupier demand.

Outlook

O’Neill takes over BNP Paribas Real Estate Ireland at a point of both leadership transition and improving market liquidity. The firm's stated approach pairs local market knowledge with its pan-European network, positioning the Irish business to serve international owners and occupiers that need coordinated advice across multiple European markets. The central challenge in a market split between prime and secondary assets will be converting rising activity into durable client relationships across advisory, investment, valuation and occupier services.

Sources

• BNP Paribas Real Estate press release