Irish real estate investment trust Green Reit is close to raising new debt for investment in expectation of rising commercial property rents because of a shortage of office space, its executive chairman said. Property prices and rents are rising again in Ireland after their collapse in 2008 brought construction to a standstill, prompting a recent warning from the central bank over the need to tackle shortages in supply. Green became Ireland's first reit last year after legislative changes allowed the formation of such property investment vehicles. It has deployed most of the €710 million (HK$7.1 billion) raised since last year's listing, primarily in office space in Dublin. The business benefited from a 25 per cent rise in office rents last year and predicts an increase of a further 15 per cent this year. "There's clearly more rental growth on office [properties] because of the supple-demand anomaly," executive chairman Stephen Vernon said. "There isn't any supply basically."