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Hambleden House
19-26 Pembroke Street Lower
Dublin 2
D02 WV96
Ireland
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Contact Us
Phone: +353 (1) 6477900
Fax: +353 (1) 6477901
Email: info@bannon.ie


Bannon has successfully concluded the sale of a site of 0.50 acres, including buildings, on Gleeson Street in the heart of Athlone.
The property, sold to a local purchaser, will now see a new lease of life to the benefit of the local area. We wish the purchaser every success with their investment.
For development / land opportunities, you can speak with our specialist team of Niall Brereton, Sam Harney and Paul Doyle.
The Bannon team enjoyed a fantastic evening yesterday at the Annual Dinner hosted by the SCSI at the Clayton Hotel. Connecting with fellow surveyors, clients, and industry friends is always a highlight of the event. 🌟
Our latest Retail Pulse has now gone live. In this publication our retail leasing team take a lookback at some of the notable new entrants and new store openings in 2024. Separately in our “Expert Insight” section Neil Bannon looks at the recent economic data and what this is likely to mean for the retail sector for the rest of 2025 and beyond.
Full report available here.
Navan Retail Park located on the outskirts of Navan Town forms part of the Bannon management portfolio. Navan is the administrative centre of County Meath with a population of almost 34,000 (2022 Census) making it the ninth largest town in Ireland, this is primarily due to its proximity to Dublin making it a desired location for commuters.
The 152,000 Sq.Ft retail park was built in circa. 2005 with approx. 1,100 car parking spaces. The park currently houses 9 retail units varying in size. Additionally, the park retains undeveloped land for future growth of commercial space subject to planning permission.
The park is home to many recognised international & national brands such as Homebase, Smyths Toys Superstores, TK MAXX, EZ Living Interiors & Petmania to name just a few. The park is served primarily by car & bus. Access to the M3 Motorway is located 3 km from the park, with a bus park & ride located only 600 metres from the site. This is served by the 109 bus with routes to both Dublin & Cavan hourly during peak times.
Under project Ireland 2040, Navan could be set to re-welcome a train service, serving the town via the M4 Parkway line. Subject to planning & funding it is anticipated this service won’t open until the early 2030’s with many obstacles to over come in the intervening period with a project of this scale. Undoubtedly if this project is completed it will only further bolster both Navan Retail Park and town as a destination for its ever-growing community.
The Dublin office market experienced significant growth in 2024, with total take-up reaching 2.2m Sq.ft., an increase of approximately 780,000 Sq.ft. compared to 2023. This surge was primarily driven by the top 5 deals of the year, 4 of which were in excess of 100,000 Sq.ft. Alongside the pending Workday deal, which will add 425,000 Sq.ft. in College Green, these high-profile transactions point to a potential positive shift in the office market. As international businesses increasingly introduce return-to-office mandates, we’re seeing early signs of a market recovery. With the 5-year average at 1.9m Sq.ft. and the pre-Covid average of 3.15m Sq.ft., the outlook for Dublin’s office market in 2025 is looking promising.
Roderick Nowlan, Julia Halpenny, Cillian O’Reilly
To view the full report, please click here.
Now that the property investment market has “survived until ‘25″, what actually happened in the year just past and what does the future hold? See Bannon’s 2024 Investment Pulse which includes an outlook for the year ahead.
To view the full report, please click here.
The Central Bank of Irelands tracking of Household savings continues to show positive growth reaching €159.6bn in November 2024. This marks a 5.1% year-on-year increase and a modest 0.3% rise from October. In contrast, household debt grew at a much lower rate, up by 2.2% year-on-year, with no change month-on-month. Household savings have increased by an impressive 45% since 2019 and Debt has grown by only 12%. As a result, savings are €56 bn higher than debt. The strong savings position shown by Irish households provides more financial flexibility for consumer spending and a potential for further increase in retail sales.
Exciting news! GasMonkey Barbers has just opened their second store at Artane Place, Dublin 5.
Congratulations to the team on the fantastic fitout, offering the ultimate men’s grooming experience.
Our latest and final Retail Pulse of 2024 has now gone live. In this publication our retail leasing team provide a summary of some of the deals which we completed in 2024. Separately in our “Expert Insight” section Neil Bannon looks at the dichotomy between how the property industry is constantly looking backwards at previous transactions to establish value, whereas investors are only interested in looking forward to the future.
The team at Bannon would like to wish all our clients and the industry at large a very Happy Christmas and a prosperous New Year. Roll on 2025!
Our Retail Pulse is updated monthly and all are available on our website – www.bannon.ie.
Full report available here.
‘Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team review the various Pop Up shops that are active in the market at this time of year. Separately in our “Expert Insight” section Neil Bannon looks at the evolution of the Christmas trading period and how it is now occurs over an extended period of time and doesn’t present the same level of risk to retailers as once was the case’.
Full report available here.
The Bannon retail team are at MAPIC for the annual retail conference. The International Retail Network (TIRN) cocktail drinks are in full swing with a really positive outlook from retailers for 2025!
Swords Pavilions is where you can meet, eat, sip and shop, all under one roof. One of Dublin’s premier shopping destinations with over 100 global and national retailers to choose from, the centre offers world-class stores and is an unrivalled destination for shopping, dining and entertainment.
The centre has set the aim of being carbon neutral by 2030. It has has already been recognised with various awards for the implementation of a number of eco-friendly initiatives, such as Solar Panels, recycling programs and energy-efficient operations, aligning with modern sustainability goals.
Strategically located near Dublin Airport and just off the M1 motorway, the shopping centre is easily accessible by car, with over 2,000 parking spaces available in the centre. Parking is free for the first two hours in the centre. Swords Pavilions Shopping Centre is a major retail and leisure destination which has grown since 2021 to become one of the most popular shopping centres in the region.
Notable stores include Dunnes Stores, SuperValu, H&M, Zara, Next, TK Maxx, River Island and JD Sports. There are also ample dining options in the centre to include cafes, restaurants, and fast-food outlets, catering to different tastes and preferences. Popular options include Starbucks, Nando’s, Milano, Five Guys, Zaytoon and many more.
The centre also has a 11-screen cinema Movies@Swords, offering the latest movies and a premium viewing experience. The addition of Zero Latency in 2024 offering virtual reality gameplay makes the Pavilions a hub for leisure activities in addition to shopping.
It hosts regular events and promotions, making it more than just a shopping destination. Seasonal events such as ice skating, family-friendly activities, and cultural events often take place, enhancing its role as a community hub.
Overall, Swords Pavilions Shopping Centre is a vibrant and versatile destination, blending shopping, dining, and entertainment to cater for all needs. Its convenient location and various facilities make it a favourite among locals and visitors alike.
Bannon is excited to share that Neil Bannon will be judging the Business Post National Property Summit & Awards 2025. The Awards ceremony will take place on the 27th of February at the Intercontinental Dublin, and will celebrate individuals and organisations from across the entire property industry in Ireland.
Nominations opened Tuesday 12th November, and the comprehensive list of categories will identify the highest level of achievement across both the residential and commercial sectors.
So, enter now and shine a light on the very best in the Irish property sector! – https://nationalpropertyawards.ie/awards-categories/2025/
Join us for the black-tie Awards ceremony on February 27th – https://events.businesspost.ie/event/the-national-property-awards/
The awards keep on coming for the Team in Swords Pavilions. The team had an extremely busy Friday last week collecting a number of awards. These include:
Sustainable Energy Authority of Ireland (SEAI) Energy Team of the Year
Fingal Chamber Business Award for Best in Climate Action
Fingal Chamber Business Award for Business of the Year (large / corporate)
The awards are in addition several others won this year by the team. Congrats to the team in Pavilions. The awards are testament to the fantastic work being carried out in the centre.
Photo taken from Swords Pavilions
A powerful inclusivity programme has been implemented through a partnership with Dungarvan Shopping Centre and The A-Team Dungarvan that provides local assistance to people with autism, ADHD, and all abilities. The goal of the project is to increase accessibility and inclusivity for all shopping visitors. Through this initiative quiet hours were introduced in the centre every Sunday morning, Starbucks, in partnership with The A Team, sponsor a coffee morning for families of all abilities, Easons organised Art Therapy sessions, plus a number of other events all year round.
As part of the 20th birthday celebrations at the centre, it was important to continue the inclusion of all in the community. Representatives from The A-Team had a stand on the day promoting ‘Quiet Time’ by handing out balloons. For the festive season Dungarvan Shopping Centre is sponsoring the Autism friendly Family Walk in Colligan Woods, in December. As part of the Santa Meet and Greet Programme a special sensory Santa time is available for children with Autism, sensory issues or additional needs and their families. To top it off, the centre has autism car spaces available on each level signalled by Sunflower signs 🌻
From the Bannon Property Management Team, well done to everyone involved in such an important and inclusive initiative.
Bannon would like to extend a big congratulations to Jack Martin, Centre Director at The Square Tallaght, on his nomination for Tallaght Person of The Year award in the business category.
Recognition that is truly well deserved and we wish Jack the very best of luck!
Photo taken from The Square Tallaght
Neil Bannon joined Newstalk Mandy Johnston on Down to Business on Saturday to discuss the trend that retail property prices in the provincial retail sector seem to be increasing in value.
For the full discussion, please click here.
There was a real buzz in Dungarvan Shopping Centre this past Saturday, celebrating 20 years in business. The event was a huge success, featuring a variety of entertainment options, including a DJ, performers, and numerous prizes throughout the day. It was a day filled with festivities marking the occasion and we wish them many more successful years!
Opened in 2005, Quayside Shopping Centre Sligo is strategically located in the heart of Sligo Town, making it a highly accessible and convenient destination for over 20,000 local residents and an upward-trending influx of seasonal visitors. The centre benefits from its prime position, just a short distance from key attractions like Strandhill Beach and transport links such as Sligo MacDiarmada train station.
Recognised for its excellence in retail and community contribution for the sixth year in a row, Quayside Shopping Centre earned the prestigious title of All-Ireland All-Star Shopping Centre of the Year 2023-2024. This accolade highlights the centre’s dedication to delivering a premier shopping experience, exceptional customer service, and fostering strong connections within the community. This award cements Quayside Shopping Centre’s standing as a top-tier destination for retail and leisure in the region.
Spanning 140,000 sq. ft., the centre houses a diverse range of retail units, including fashion outlets, homeware offerings, and speciality shops. A variety of food and beverage options are also on offer, enhancing the visitor experience. Prioritising convenience, the centre offers ample parking facilities, including 420 spaces within its multistorey car park.
Quayside Shopping Centre features a well-curated mix of international, national, and local occupiers, anchored by key brands such as TK Maxx, Next, River Island, Specsavers, Insomnia & Lifestyle Sports.
Celebrating the achievement of two team members, Darragh Kildea and Daniel Murphy, for successfully passing their APC Final Assessment to become Chartered Surveyors and members of the SCSI – Society of Chartered Surveyors Ireland and RICS!
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team review recent openings/signings in the run up to a busy Christmas period.
Separately in our “Expert Insight” section Neil Bannon looks at the evolution of lease agreements and the frustration among some European headquartered retailers with the complexity of Irish leases. In general “less is more”, however in the context of Irish leases the inverse would appear to be the case.
Full report available here.
Neil Bannon, chairman at Bannon, confirmed that new leases are now typically for seven years. This usually involves the tenant repudiating their rights to renew the lease on expiry, which also improves flexibility for the landlord. This flexibility is of increasing importance for landlords too. Mr Bannon sees this flexibility as a positive move and said that “we are moving closer to the European model”. This flexibility is of increasing importance for landlords too. “Consumers demand excitement and change, so landlords need the ability to actively manage their portfolios.”
This increasing flexibility has improved Grafton Stree with a greater variety of smaller European retailers, rather than a copy of a typical UK High Street.
This era of shorter leases increases the likelihood of rents rising, Mr Bannon said. “There is less emphasis in the market on the rent review cycle, and more on new lettings and change.”
He also pointed out that rents quoted in the market now are “net effective rents”, which take account of any rent-free period granted. There has been an ”artificial softening” in rents, since pre-Covid, when “headline rents” ignored tenant incentives. The rents quoted now are “more honest”, he concluded.
Our Executive Chairman Neil Bannon is delighted to have the opportunity to address delegates at today’s SCSI PMFM conference. Neil’s presentation focuses on the longer term trends which impact the commercial real estate sector.
It’s fantastic to see KIKO MILANO open their doors on 2 Henry Street this morning. This one has been a while in the making and we at Bannon are proud to deliver this retail first to Ireland on behalf of our clients Irish Life Investment Managers.
Italian cosmetic giant KIKO Milano was founded by Antonio Percassi in 1997 and operate more than 1,000 standalone stores in 63 in countries around the world.
The opening is another positive testament for Henry Street, and Kiko join Lovisa Pty Ltd in choosing Henry Street as their first location for Irish expansion in 2024.
It was a pleasure working with Tom Pope at Lightlease who acted on behalf of KIKO Milano.
For remaining limited leasing opportunities owned by Irish Life Investment Managers on Henry Street please contact Jennifer Mulholland or James Quinlan.
The Bannon team had a wonderful time at the 2024 Nexus Ball on Thursday evening held by the SCSI – Society of Chartered Surveyors Ireland in the Radisson Blu, Golden Lane, Dublin.
A great night of networking with fellow future leaders of the property industry and we are already looking forward to the next one!
Great to see the latest additions to The Crossings @ Adamstown, where Belfry & Co Café and ABC Gyms have officially opened their doors. These new openings will provide the area with a range of options for fitness, dining and coffee.
They join Dublin Bay Vets, THE GRAFTON BARBER, Tesco Ireland and Aldi Ireland who are open and trading with further openings to come soon. In an area experiencing such rapid residential growth, these openings are crucial in establishing a vibrant town centre for the Adamstown community.
For further enquiries, please contact Darren Peavoy or Mark Hayden.
Another busy few weeks for the OAKBERRY Ireland team, capped off with the official opening of Oakberry Maynooth!
Maynooth marks store number six for Oakberry in Ireland, with another few potential surprises to come in the run up to Christmas.
Thanks as always to OAKBERRY for their continued trust and to Coonan Property who acted on behalf of the landlord.
For further enquiries, please contact Daniel Murphy or Mark Hayden.
Wishing all at Shaws Department Stores a very successful opening this morning at Golden Island Shopping Centre Athlone. It was a pleasure to have acquired the unit on their behalf. We will be looking for more locations over the coming months.
Best of luck to the team in Swords Pavilions Shopping Centre who have been announced as Finalists in the 2024 Pakman Awards in the Business Recycling Champion category. This is deserved recognition of the hard work and diligence by the team over the past number of years in the centre. The team won this award in 2023 so its great to see them in the running again.
The Pakman Awards are Ireland’s leading National Environmental Awards that recognise excellence in recycling and waste management among businesses, organisations, community groups and individuals in Ireland.
The winners will be announced on October 24th!
We wish the Swords Pavilions team the best of luck in the final and congratulate them on being nominated again.
Great to be back at EXPO REAL (Messe München)! Neil Bannon and Brian Morton are keeping a close eye on the latest trends in the real estate market.
It’s a fantastic opportunity for us to connect with experts, clients and friends while also building valuable relationships. We look forward to seeing you there! 👏
“I don’t see obsolescence happening in prime city centre locations. Because the values will support the costs required to convert them to a sustainability standard demanded by the market.
“But in locations where the values of offices are lower, they’ll struggle to absorb the same level of investment required. Because the cost of fixing a building will cost the same in a low-value location as a high-value location. So I think there’s a risk of viability obsolescence.
“If you’ve got to get to net zero, you can’t set the regulations lower so you’ve got to have some sort of grant or subvention to bridge the gap. If it’s financial obsolescence because the market values don’t support it, then it’s only through tax and grants that you can bridge that.
“The question for policymakers will be: do they want to do that? I understand the motivation to do that in city centres, because you need city centres to be vibrant. So you’d be very wary if large parts of your city centre office blocks becoming obsolete, because then you lose the jobs in the city centre and the vibrancy.
“Will they be as concerned about suburban locations or remote locations? I’m not sure they will. Traditionally, policymakers in Ireland like offices because offices mean jobs, and jobs are good.
“If we start seeing jobs leave locations because we’ve nowhere to accommodate them, then that’s when policymakers might start paying more attention.”
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team focus on city centre footfall, occupancy rates and the knock on effect on leasing activity.
Separately in our “Expert Insight” section Neil Bannon looks at some of the key macro-economic changes in the last 10 years which are impacting the retail sector. It’s hard to find the negatives in any of the data!
Full report available here.
Bannon is delighted to issue our Q3 Capital Markets report which is all the more relevant today, the first day of EXPO REAL (Messe München).
With retail representing one third of turnover this quarter (and Bannon having sold, bought, or now managing 97% of all these assets), what better time to reach out to the leading firm in Irish retail and Ireland’s largest indigenously owned commercial agency.
Contact Neil Bannon or Roderick Nowlan for an EXPO chat.
To view the full report, please click here.
Although the Dublin office market experienced a significant drop in take-up this quarter, falling from 877,600 sq. ft. in Q2 to 551,200 sq. ft., sentiment remains positive for the prime ESG segment. A key driver of this quarter’s activity was LinkedIn’s assignment of 133,400 sq. ft. to EY at 2 Wilton Park, following Stripe’s move to the same development in Q2. It is also worth noting that the 425,000 sq. ft. Workday deal is excluded from this quarter’s figures as it has yet to be signed.
As a result, the underlying positivity can be seen in the significant increase in reserved space in Q3, totaling approximately 927,400 sq. ft. compared to 514,000 sq. ft. in Q2.
Bannon recently participated as one of the Sponsors at the Bon Secours Health System Ireland Exceptional People Awards 2024, held in Cork, where we sponsored the ‘Bons Blues Goes Green’ award.
Bannon was represented by our Managing Director Paul Doyle and Daniel Murphy.
Paul is pictured presenting the ‘Bons Blues Goes Green’ award to the winners; ‘Dublin Green Campus Team’ who are based at Bon Secours Hospital Dublin 👏
Bannon is pleased to welcome four new graduates to our expanding team who start out on their journeys to become Chartered Surveyors.
Seated are Emily King and Kate Wolfe. Standing are Alison Manning and Sam Harney.
Bannon’s Paul Doyle commented “Bannon is delighted to have Emily, Kate, Alison and Sam join the team. We will provide them with all the support and experience they require to become Chartered and look forward to their individual inputs as their careers progress in Bannon”.
Bannon, as joint agent with Cushman & Wakefield on The Square Tallaght (one of Dublin’s five major M50 retail schemes), are thrilled to have sourced the buyer for this landmark sale and overseen it past the finish line.
Congratulations to Shane Scully and the team at Eagle Street Partners on their purchase.
The Bannon retail team has had a busy few weeks working with our client, Davy, to complete a series of lettings and lease renewals across Harbour Place, Thurles, and Dungarvan Shopping Centres.
In Mullingar, we’re excited to welcome Eden Medical Clinic as the latest addition to the occupier line-up in Harbour Place. Existing occupier Love Lucy has also renewed their commitment to the centre for another five years.
Thurles Shopping Centre will soon be home to Mobile King, who are preparing to open their second Irish store in the coming weeks.
In Dungarvan Shopping Centre, Carriglea Cáirde Services will establish a new community hub, offering crucial services and support for people with intellectual disabilities in West Waterford.
These transactions underscore the continued strength of regional retail centres, and we’d like to extend our thanks to Davy for their continued trust and partnership.
For leasing enquiries, please contact Ali O’Gorman or Daniel Murphy at Bannon.
What a great day out for our property management team yesterday at the Shopping Centre Managers Association Ireland conference.
The conference had great speakers and very informative on a range of topics. Bannon were delighted to be an entertainment sponsor of the event.
Congrats to all involved in organising a fantastic event.
Stephen Keegan, Keenan Daly, William Lambe, Aoife McGovern, Alex Staskunas
The Bannon Property Management Retail Portfolio continues to support local community nationwide. Sligo Retail Park, opened in 2005, is a fully occupied retail park situated on the outskirts of Sligo Town. It benefits from excellent accessibility via the N4 and is just an 8-minute drive from Sligo town centre.
Sligo Retail Park is actively involved in the community, having provided heart defibrillators to local organisations such as St. Molaise Gaels GAA, Benbulben Girl Guides, Yeats United Soccer Club, and Cliffoney Men’s Shed. Additionally, the park supports Sligo GAA by offering parking facilities during events held at Markievicz Park.
The 240,000 sq.ft retail park is made up of 13 retail units, three food and beverage outlets, and a gym. Situated on a site of approximately 30 acres, the park provides over 1,000 surface parking spaces for visitors, including 25 designated disabled bays and 15 parent-and-child spaces. Additionally, 85 of these parking spaces are conveniently located adjacent to the restaurants. The park is also accessible by public transport, with the 471 bus service stopping just a 4-minute walk away.
Designed in an L-shape layout, Sligo Retail Park features three food and beverage outlets strategically positioned near the entrance. The park hosts a diverse mix of international, national, and local tenants, with prominent occupants including Homebase, Homestore and More, Harvey Norman, McDonalds and Smyths Toys.
In the past year, Sligo Retail Park attracted over 1.5 million visitors, reinforcing its status as a premier shopping destination in the North West region.
General Commentary from Executive Chairman Neil Bannon
The conversation around sustainability in the Irish commercial property sector has evolved over the last 12 months. Although everybody was aware of the significance of the challenge last year this has been brought into sharper focus as the various sources of capital in the market have set out their stall. Access to and cost of capital, both funding and equity, is clearly going to be very different for assets depending upon their sustainability credentials. This has been most evident in the office sector where deals continue to be done in new buildings with market leading green credentials both from expanding entities and those relocating form brown buildings. As investor and funders watch this they are becoming increasingly concerned about the risk of obsolescent for older stock and how the value of older buildings will have to reflect the cost of bringing them up to standard.
It is interesting and, we think, helpful to see the conversation move from an aspirational desire to become more sustainable to a clear financial motivation to protect capital. This will accelerate activity in the market as capital positions itself to ensure it is a net beneficiary. Bringing market forces to bear will help our green transition and is a welcome development.
Property Management from Directors Ray Geraghty and Alex Patterson
As custodians of a nationwide portfolio of real estate the Bannon property management team are involved in multiple projects at any moment in time where the focus is sustainability and energy conservation. There is an awareness about sustainability and ESG measures among property owners, funders, asset managers, occupiers, and service providers which is driving positive change.
In the last 12 months Bannon have been involved in some very significant sustainability projects which are now delivering much need energy savings for stakeholders. One such project was completed at Athlone Towncentre Shopping Centre (in conjunction with the SEAI) at a cost of c.€1.6 million. As a result of the project energy consumption at the shopping centre has reduced by almost 50%.
Retail Agency from Directors James Quinlan and Darren Peavoy
Smaller Domestic Retailers are becoming more ESG aware however have not fully embraced the concept. International and national retailers on the other hand have delivered significant ESG improvements across their portfolios with big improvements in solar generation and logistics improvements being a significant focus. Some international retailers are beginning to commit to BREEAM Good fitouts however are seeking significant assistance from owners to deliver this. Some institutional retail property owners are very focused in improving the BER status of their high street portfolios whereas shopping centre owners are very focused on improving energy usage in common areas within their schemes.
Where the ESG agenda was previously being pushed by the owners, we are seeing a shift in this from a smaller group of retailers who require owners to sign up to their ESG agenda rather than the other way round. Retailers are focused on reputation and branding, and they are utilising ESG credentials as a powerful marketing tool. This focus will begin to see a shift in the retail leasing market as it will influence building design and occupier’s expectations.
Valuations from Managing Director Paul Doyle and Director Niall Brereton
The Bannon Professional Services team continues to embrace ESG within our reporting, whilst also complying with RICS Valuation Practice Guidance Notes on ‘Sustainability and ESG in Commercial Property Valuation and Strategic Advice’. This Guidance Note requires the valuer to demonstrate how they have considered sustainability and ESG credentials in their valuation approach, calculations and commentary. This commentary is required to include a reference to potential future cost liabilities to meet regulatory and investor requirements.
In the past year or so we have noted that our building owner client has become much more aware and reactive to ESG. By example, if we are valuing a trading asset the client will most likely have responses to-hand in terms of our standard queries on the energy efficiency or otherwise of their premises. Elsewhere, if valuing an older office premises, a client will likely have a solution modelled to enhance the property’s ESG credentials. In the case of offices we continue to see a widening value gap between older/stranded buildings and those which are ‘B or better’
Investment and Office Agency from Executive Director Rod Nowlan
Sustainability has firmly moved to the top of the investment and office leasing agenda across all size requirements. It is no longer a focus of just the larger lots sizes. Its pursuit will be a key factor in the acceleration of “the big switch” where many office occupiers are beginning to act upon what they now determine is their new office size and style requirement in a maturing blended working market. ESG is a key target in this mix. As a consequence, we are going to see a material acceleration in office obsolescence creating a 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.
Internal from Chartered Surveyor, Sustainability Manager Cillian O’Reilly
Bannon has always had sustainability in mind within the office ever since Joe Bannon himself monitored how many pages were being printed by each team member. The culmination of this was Bannon developing and implementing an ISO 14001:2015 Environmental Management System which was certified by the NSAI in 2022.
Bannon’s Carbon Footprint is relatively low at 78.7 tonnes CO2E in 2023, none the less the firm has taken steps to target and reduce its largest contributors namely electricity usage and commuting milage. Bannon has made huge strides to curate a greener and more efficient workplace and will continue to be a market leader as trends evolve.
Great to see our client Swatch opening their latest international flagship and their first full sized Irish store.
Great to see another exciting addition to The Square Tallaght line-up with the opening of beauty and wellbeing brand, Rituals UK & Ireland, on level 2 last week.
The new store boasts an impressive modern fit-out and offers the full Rituals suite of body care, skincare, home fragrances and wellness products. Rituals is already proving very popular among The Square customer base and we wish them well for the years ahead.
For further leasing queries, please contact Daniel Murphy or James Quinlan.
In recent years, some in the property industry have dismissed ESG as a buzzword or see it as a form of greenwashing. However, ESG has steadily emerged as a critical consideration globally in real estate. Now, Ireland is aligning with this global shift by implementing new legal frameworks aimed at reducing carbon emissions and fostering healthier, more sustainable buildings.
This shift is timely: according to the United Nations Environment Programme, buildings account for a staggering 39% of global greenhouse gas emissions annually. Reducing the carbon footprint of the built environment is vital, and there is growing demand across all sectors for corporate entities to take proactive steps in ESG reporting.
Voluntary sustainability certifications have gained significant traction among investors and asset managers seeking to enhance portfolio performance, particularly in terms of carbon reduction and sustainability. Leading organizations such as GRESB, BREEAM, and Fitwell provide frameworks that standardise and validate sustainability reporting across the real estate sector. Fitwell’s research revealed that nearly half (49%) of building owners are willing to pay a premium for properties that are accredited or demonstrate tangible environmental benefits. Similarly, GRESB’s annual ESG benchmark survey now has over 1,000 participating companies and funds. The U.S. Green Building Council found that LEED-certified buildings generate 34% lower CO2 emissions compared to non-certified properties. For both owners and occupiers, investing in these improvements is essential for futureproofing their assets and leases.
While many companies have voluntarily embraced ESG reporting, this landscape is rapidly changing. The European Union has introduced laws that make ESG reporting mandatory for businesses, asset managers, and property owners. The European Commission’s ‘European Climate Law,’ also referred to as the ‘European Green Deal,’ aims to make the continent climate-neutral by 2050. In support of this, the Corporate Sustainability Reporting Directive (CSRD) mandates sustainability reporting, starting with companies of 500+ employees and eventually extending to smaller enterprises.
At Bannon, in partnership with Evia Sustainable Real Estate, we leverage the power of data to help our clients navigate this evolving ESG landscape and achieve their sustainability goals. Our tailored approach begins with a comprehensive analysis of energy, waste, and water consumption across real estate assets. We specialise in delivering bespoke solutions for the collection and analysis of environmental data, designed to meet the specific needs of commercial real estate portfolios.
As ESG continues to reshape the real estate industry, those who embrace sustainable practices and reporting not only align with new regulations but also gain a competitive edge in an increasingly climate-conscious market.
Authors: Cillian O’Reilly, Chartered Surveyor, Bannon & Alison Manning, Graduate Surveyor, Bannon
Date: 9th September 2024
Don’t miss your chance to attend the Shopping Centre Managers Association Ireland Conference & Expo 2024. It’s the perfect opportunity for shopping centre professionals to gain insights and network with industry leaders.
We are extremely proud to be on board this year as Entertainment Sponsors helping to bring incredible entertainment experiences to the conference. Get ready to enjoy, connect, and celebrate on Tuesday, 17th September 2024, at the Slieve Russell Hotel Golf & Country Club 🥂
As the date draws closer, delegate tickets are selling fast – secure yours now here!
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Hambleden House
19-26 Pembroke Street Lower
Dublin 2
D02 WV96
Ireland
»Map
Phone: +353 (1) 6477900
Fax: +353 (1) 6477901
Email: info@bannon.ie
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