The Bannon Property Management team is expanding with a growth of 20% in the last 12 months.

The team celebrated a successful year together at their Christmas department dinner last Friday. A big thanks to the team in FX Buckley on Pembroke Street for their hospitality.

Here’s to a prosperous 2023!

Embodied carbon refers to the emissions associated with all the activities of procuring, mining and harvesting raw materials.  It includes transforming these materials into construction products, transporting them to site and incorporating them into a building. Subsequently, it includes maintaining, replacing, removing and disposing at the end of their life. Essentially embodied carbon is built into the fabric of a building. 

Eleven percent of global emissions are associated with embodied carbon emissions from new construction. With the introduction of the revised Nearly Zero Energy standard, NZEB, through Part L of the building regulations in 2019 for both residential and commercial buildings, the upfront embodied carbon now represents a much greater part of the whole life cycle carbon of the building. 

Over the last 6 years development of Grade A office schemes has accelerated in the capital, with 7.8 million sq.ft of Grade A offices delivered to date. The majority of these buildings have been world class in terms of their sustainable and environmental credentials. This has attracted international blue-chip tenants and commanded prime rents. Importantly, these assets have performed particularly well when transacted and have appealed to numerous investors, with several new entrants emerging into the Dublin capital markets sector over the period. Prime top-tier office investment yields have continued to perform well with yield levels being sustained through the covid 19 pandemic, highlighting the demand for this type of product.  

Companies are setting ambitious ESG goals with increasing pressure to report on activity. The onus will be on fund managers, financial advisors, asset managers and all participants within the financial markets to disclose all information on ESG issues. There will be additional requirements for products that promote ESG characteristics and have sustainable investment objectives. Therefore, the emphasis on portfolio performance will be key for these stakeholders. The quality of the assets held will continue to be critical. 

Whilst new Grade A schemes grab the headlines, there is over 45m sq.ft. of office stock in the Dublin market across various asset classes. Older stock continues to perform, particularly in the CBD where the reduced rent payable in parallel with prime location appeals to some occupiers. There is, however, a lifespan to these schemes, particularly in light of new regulations. Therefore, the owner must consider the proposition in terms of future decreasing value, occupier appeal, performance and the asset becoming environmentally stranded. 

A ‘stranded asset’ relates to a building where the cost of bringing it into line with current and future environmental standards is not justified in the context of the value once the works are completed. Embodied carbon may create an opportunity for environmentally stranded assets. As the cost of carbon and consequently new building increases, the value of the embodied carbon within existing assets may rescue the value of some assets currently perceived to be stranded. 

There will be huge opportunity for those with the skills to efficiently transition these buildings back to the institutional mainstream. In this regard valuing and selling these assets will require an in-depth analysis of the true costs associated with bringing them up to standard. Bannon is actively carrying out these exercises for a number of clients through our sustainability business Evia – Sustainable Facility Services.

Authors:                 Cillian O’Reilly, Surveyor, Sustainability Manager, Bannon / Lucy Connolly, Divisional Director, Bannon

The Bannon team took part in the Nexus 5-A Side Soccer Tournament held by the Society of Chartered Surveyors Ireland on Friday evening.

It was a great event for all involved and we are looking forward to the next one!

The Bannon Property Management team is expanding with the addition of Iain McGann (pictured right). Iain brings a wealth of experience having worked most recently in BCM Global’s Dublin office as an Asset Manager. Ray Geraghty – Director of Property Management (pictured left) said “We are delighted to welcome Iain as we grow the team and continue to extend our reach in the market”.

Property Picnic was officially launched last week and to say that we are blown away by the support and generosity of so many is an understatement. Our primary focus in creating the event was to celebrate the life of our much-loved colleague Louise Creevy (nee Doherty) who sadly passed away last year and in doing so we also wanted to honour our industry colleague Jason Miller who also sadly passed in 2021.

We wanted to create an event that reflected Louise and Jason’s fun loving personalities and to raise significant funds for Cancer Trials Ireland . This organisation provided a great deal of support to Louise and her family throughout her illness and was their chosen charity.

We are thankful to all for giving us the opportunity to create this exciting event, in particular our Keystone sponsors Hibernia REIT plc, Core Capital Limited, Eagle Street Partners, Iconic Offices, Matheson, Glass Bottle and McGrath Group.

See you at the Picnic!

If you cannot attend the event but would like to make a donation to this worthy cause, click here.

Limited tickets available, click here.

Bannon recently announced two very deserving promotions – Ben Semple to Divisional Director and Eugene Burns to Associate Director.

Ben has played a leading role in the Professional Services Team since Bannon was founded in 2005. Ben specialises in the provision of Valuation, Landlord & Tenant and Development Consultancy services.

Eugene is an integral part of the Property Management Team and leads several high profile management instructions.

Bannon Managing Director Paul Doyle commented “Ben and Eugene each play an important role, with the wider team, in continuing to elevate Bannon’s position in the market by providing a best-in-class service to our clients. These promotions are in acknowledgement of Ben and Eugene’s efforts, professionalism and contributions to Bannon and our clients”.

No sun (glasses obligatory) but plenty of business to be done at this years MIPIM 2022 for the Bannon team…. Call if you’re around and would like a “coffee”.

We are delighted to announce the winners of the Bannon “ESG Signage” Art competition run in conjunction with Loreto Junior School Stephens Green.

Congratulations to Amy He (Power Down), Sorcha Murray (Pause before you print) & Grace Yu (Recycle) for their fantastic artwork.
A big thank you to everyone who got involved! Amazing talent from such a young group!

It’s beginning to look a lot like Christmas here in Bannon!

Roderick Nowlan and Neil Bannon back on the conference circuit again. Great to be back at EXPO REAL meeting people in person.