2009:OUTLOOKA selection of experts give financial predictions for the next year.

Ann Hargaden, director of investment, Lisney

How far do you expect commercial property values to fall from their peak in 2007 to the bottom of the market?Around 30 to 35 per cent by the end of the year. Next year will see declines and this could be to over 50 per cent from the peak values in 2007.

How much further have values to fall?A further 20-25 per cent.

When will the market bottom out?I think in early 2010 we should be able to see some light at the end of the tunnel!

Are we likely to see any fire sales in 2009?More likely in development land than investment properties producing cash.

Will further cuts in interest rates next year make much difference to sentiment or activity levels?The real activity will only start again when credit becomes available in volume.

Where will the best investment opportunities be in the Irish market in 2009?There will be a limited amount of truly prime properties to come on the market in 2009.

What is the safest sector of the market to invest in, in the current market?Offices and retail in very good locations let to excellent tenants with long unexpired leases.

When do you expect liquidity and confidence to be restored?If banks are recapitalised and lend in volume then expect some kind of recovery in 2010/2011.

What is your tip for 2009?Seek out value and diversify!

Mark FitzGerald, chief executive, Sherry FitzGerald

How far will commercial property values fall from their peak in 2007 to the bottom of the market?I'd say 40 per cent.

How much further have values to fall?The market will correct by a further 10 per cent.

When will the market bottom out?The worst period of this recession will be between June 2008 and June 2009. I am cautiously optimistic there will be good omens in terms of global liquidity pre-Easter 2009.

Are we likely to see many fire sales in 2009?Yes, but not as extensive as some sceptics purport.

Will further cuts in interest rates next year make much difference to sentiment or activity levels?Yes. The combination of low interest rates and higher yields will increase affordability.

Where will the best investment opportunities be in the Irish market in 2009?City centre offices with modest rents.

What is the safest sector to invest in, in the current climate?Industrial, as yields tend to be higher than in other sectors, they don't have to move out as much to be attractive.

When do you expect liquidity and confidence to be restored?Liquidity will return in some measure during 2009.

What is your tip for 2009?Investors, look at who is paying the rent. Higher yields are not higher yields if the rent is not being paid. Secondly, for Irish retailers there may also be opportunities.

Aidan O'Hogan, chairman, Savills

How far do you expect commercial property values to fall from their peak in 2007 to the bottom of the market?By 35 per cent. The decline has been driven by the upward trend in yields rather than weakness in rents but in 2009 that trend will reverse.

How much further have values to fall?There aren't enough transactions to define market benchmarks.

When will the market bottom out?It will be at least 12 months from now before we can say that we are at the bottom.

Are we likely to see many fire sales in 2009?I don't really expect this, perhaps in provincial development land.

Will further cuts in interest rates next year make much difference to sentiment or activity levels?Not until Q4.

Where will the best investment opportunities be in the Irish market in 2009?Good value in the property bond funds at the end of next year. Amazing opportunities to buy prime assets at up to 200bps more than prevailing valuations might suggest.

What is the safest sector to invest in, in the current climate?Primeness of location holds true as a key mantra.

When do you expect liquidity and confidence to be restored?Late 2009, but longer before we experience general liquidity.

What is your tip for 2009?Cash will be king. A few urgent off-market deals for prime investments at very generous yields.

John Bruder, managing director, Treasury Holdings

How far do you expect commercial property values to fall from their peak in 2007 to the bottom of the market?By between 20 and 40 per cent.

How much further have values to fall?By another 10 per cent before we hit the bottom of the market.

When will the market bottom out?I expect that by the middle of 2009 values will have bottomed out.

Are we likely to see many fire sales in 2009?Yes.

Will further cuts in interest rates next year make much difference to sentiment or activity levels?No question, interest rates are one of the key drivers of the property market.

Where will the best investment opportunities be in the Irish market in 2009?I expect that opportunities will present themselves right across the board but particularly in relation to development land and sites.

What is the safest sector of the market to invest in the current climate?Well let investment properties providing a secure rent roll are the best bet.

When do you expect liquidity and confidence to be restored?Liquidity and confidence will slowly come back in 2009 and, as people gain confidence, the recovery in demand will accelerate.

What is your tip for 2009?Be on the look out for the outstanding value which undoubtedly will present itself.

Niall Gaffney, chief executive, IPUT

How far do you expect commercial property values to fall from their peak in 2007 to the bottom of the market?2008 values will be down 35 to 40 per cent.

How much further have values to fall?Valuing assets in a financial crisis is very subjective.

When will the market bottom out?When there is a true investment market of willing vendors and purchasers and a functioning and competitive banking system.

Are we likely to see many fire sales in 2009?Off-market transactions at adjusted values may continue to happen.

Will further cuts in interest rates next year make much difference to sentiment or activity levels?Yes, such a stimulant would improve sentiment and, as yield levels are adjusted, lower interest rates would encourage investors back into the market.

Where will the best investment opportunities be in the Irish market in 2009?Absolute prime investment property.

What is the safest sector of the market to invest in, in the current climate?As above - and find one leased to the State!

When do you expect liquidity and confidence to be restored?When the Government sorts out the financial system and stimulates the domestic economy.

What is your tip for 2009? Sit tight and mind cash flow from your tenants. Look to the prime sectors and be counter-cyclical.

Nicholas Corson, director, Finnegan Menton

How far do you expect values to fall from their peak in 2007 to the bottom of the market?On average values will have fallen by 25-30 per cent from the highs of 2006/07 back to levels prevalent in 2003/04.

How much further have values to fall?Yields on prime properties have probably fallen close to the bottom while secondary locations may still have 10 to 15 per cent to go yet.

When will the market bottom out?The bottom depends on when banks return to doing business.

Are we likely to see many fire sales in 2009?No, other than a number of sites. Interest rate cuts will mitigate against fire sales.

Will further cuts in interest rates next year make much difference to sentiment or activity levels?Rate falls should spark activity from investors, if banks decide to lend.

Where will the best investment opportunities be in the Irish market in 2009?Cash is king and investors in a position to capitalise on other people's misery will fare the best. There will be opportunities to buy prime retail at self-financing levels.

What is the safest sector to invest in, in the current climate?Prime retail "bite sized" lots would be the most risk-free.

When do you expect liquidity and confidence to be restored?When the banking sector sorts itself out.

What is your tip for 2009?Buy at the bottom of the market.

John Moran, MD designate, Jones Lang LaSalle

How far do you expect commercial property values to fall from their peak in 2007 to the bottom of the market?Values have declined by 27 per cent in the year to date. It remains to be seen where the floor is.

How much further have values to fall?This will be entirely dependent on market conditions which are too difficult to call.

When will the market bottom out?It may well bottom out next year but the more important question is how long it stays at the bottom. It could remain there for six months or a year or more.

Are we likely to see many fire sales in 2009?No, but that doesn't mean that we will not see significant sales activity.

Will further cuts in interest rates next year make much difference to sentiment or activity levels?Interest rate cuts will help sentiment but the resumption of liquidity is most important.

Where will the best investment opportunities be in the Irish market in 2009?I'm tempted to say overseas! But there will be opportunities to acquire assets which are priced correctly to reflect the risks associated with the purchases.

What is the safest sector of the market to invest in, in the current climate?Government offices.

When do you expect liquidity and confidence to be restored?For both to be restored will probably take until 2010.

What is your tip for 2009?Government offices and staying calm.

Ronan Webster,  director, development, CB Richard Ellis

How far do you expect commercial property values to fall from their peak in 2007 to the bottom of the market?Values fell in the Irish market by 35 per cent from peak to trough in previous downturns. History will be repeated and be re-written on investment product, with greater declines in land and secondary vacant buildings.

How much further have values to fall?There is no debt available to fund transactions, so values will be under pressure.

When will the market bottom out?When the world banking system is liquid again. This will be in 2009.

Are we likely to see many fire sales in 2009?Yes, provided there is debt available to the potential buyers.

Will further cuts in interest rates next year make much difference to sentiment or activity levels?Yes, lower rates will make prevailing higher yields look very attractive.

Where will the best investment opportunities be in the Irish market in 2009?Prime locations with a solid tenant.

What is the safest sector of the market to invest in, in the current climate?Cash deposits with a government guarantee.

When do you expect liquidity and confidence to be restored?When governments commit to a solution that allows banks to lend money again. Liquidity will restore confidence.

What is your tip for 2009?Don't be a slave to hindsight.