The Bannon Property Management Team are delighted to attend today’s SCSI PMFM Conference which is being held at Windmill Lane. A great opportunity to hear about market trends and meet with professionals from across the property industry.
As technological advancements continue to reshape industries across the globe, discussions surrounding the potential impact of artificial intelligence (AI) on various property sector roles have become common. In the Bannon realm of commercial property management, suggestions have been made that human property managers could be made redundant considering AI’s capabilities. Following deeper analysis, Bannon believes that AI is not poised to make commercial property managers redundant but to augment the role and enhance efficiencies.
To paraphrase Mark Twain, the reports of the death of property managers have been greatly exaggerated! We have identified seven key reasons why we think AI will not replace humans in the sector.
The belief that AI will be making commercial property managers redundant is based on a misunderstanding of the nuanced, multifaceted nature of property management. By embracing technology as a tool rather than a replacement, commercial property managers can leverage AI to elevate their roles and provide even greater value to property owners and occupiers alike.
The Bannon Property Management team has been utilising AI for several years to collate and interpret the many data points property managers collect. This has ensured that data is presented in a clear and concise manner to our clients leading to more informed decisions and strategies for the assets we manage. Bannon has embraced AI to ensure we continue to provide best-in-class services to our clients.
Author: William Lambe, Divisional Director, Bannon
Date: 2nd October 2023
Many thanks to Brian Leavy and the team in Thorntons Recycling for hosting some of the Bannon Property Management Team yesterday.
The Bannon team were given a tour of the Thorntons Recycling MDR (Mixed Dry Recycling) and SRF (Solid Recovery Fuel) facilities in Ballyfermot.
Thorntons Recycling operate on a zero to landfill basis which is in line with the Bannon sustainability aims and ethos. It was great for the Bannon team to see first hand, the process of how zero to landfill is being achieved.
Bannon was delighted to be appointed as property management and leasing agents for Harbour Place Shopping Centre in Mullingar earlier this year. Based in the heart of the Midlands, Harbour Place Shopping Centre holds special significance with many Bannon team members who are from the Mullingar area.
The Centre played a key role in welcoming over 600,000 people to the Fleadh Cheoil na hÉireann in August. The influx of visitors enjoyed access to a variety of retail outlets, restaurants and parking, all housed in the well-maintained Centre. Harbour Place Shopping Centre and Bannon were happy to support this wonderful event.
We look forward to continuing to work closely with the owners and centre management team to build on the shopping centre’s already strong presence within the community.
Sustainability is a defining issue in the modern world. Its importance reaches across various sectors, including commercial property management. For the Bannon Property Management team, the prioritisation of sustainability in its approach to managing commercial properties is not just a choice, but a necessity.
One of the most pressing reasons for prioritising sustainability is the urgent need to address environmental challenges. Ireland, like the rest of the world, is grappling with the consequences of climate change, resource depletion, and biodiversity loss. Commercial properties are known to consume significant amounts of energy and resources. By embracing sustainable property management practices, such as energy-efficient technologies, waste reduction, and sustainable landscaping, Bannon property managers have significantly reduced the carbon footprint of the assets we manage. Our approach aligns with our clients’ sustainability commitments and serves as a model for responsible resource utilisation and environmental stewardship.
Economic resilience is another key component for prioritising sustainability in commercial property management. In an era of fluctuating energy costs, regulatory changes, and evolving consumer preferences, sustainable properties are better poised to navigate uncertainties. Energy-efficient buildings, for example, have lower operational costs due to reduced energy consumption. Over time, these cost savings translate into tangible financial benefits for property owners and occupiers. Additionally, sustainable properties are likely to attract a growing segment of environmentally conscious occupiers and investors who prioritise properties that align with their values. This increased demand can lead to higher occupancy rates, longer lease durations, and enhanced property values, bolstering the economic viability of sustainable property management.
Sustainability in commercial property management is closely intertwined with broader societal trends and global expectations. The rise of environmental, social, and governance (ESG) considerations has reshaped investor and occupier preferences. Increasingly, investors are factoring in sustainability metrics when evaluating real estate opportunities, and occupiers are seeking spaces that align with their values and contribute to their well-being.
It is often said the S (Social) in ESG is the hardest to measure. The social dimension of sustainability reinforces its significance in commercial property management approaches. A sustainable property is more than just an energy-efficient structure; it’s a place that fosters human well-being and enhances the quality of life for occupants. Green buildings are associated with improved indoor air quality, ample natural light, and thoughtful design that promotes occupant comfort and productivity. Employees working in such environments are likely to experience better health, higher job satisfaction, and increased productivity.
By embracing sustainability, property managers not only tap into a growing market but also enhance their reputations as ethical and forward-thinking industry leaders. It would be remiss, however, not to acknowledge the challenges that accompany the integration of sustainability into commercial property management.
Initial investments in sustainable technologies and building upgrades can be daunting, especially for older properties that require retrofitting. Property managers must navigate financial considerations while also demonstrating the long-term benefits of these investments, including energy savings and enhanced property values. Collaborative efforts involving property managers, owners, financial institutions, and stakeholders are essential to encourage sustainable property development and management. Together with Bannon’s sister company, Evia, we offer tailored solutions to our clients. This enables Bannon to provide clients with an interdisciplinary service that offers both property management and technical solutions to sustainable practices.
Bannon has been at the forefront of implementing and actioning sustainable property management across our asset portfolio. This has ranged from the installation of PV panels for electricity generation, replacement of lights with energy-efficient alternatives, and putting in place online portals for building occupiers to ensuring that contractors we use in our assets are in line with our values regarding sustainability objectives.
Bannon has prioritised sustainability in our property management approach for a multitude of reasons. From mitigating environmental impact to enhancing economic resilience and promoting societal well-being, the benefits of sustainability are undeniable. By embracing sustainable practices, Bannon property managers help clients achieve environmental targets, position properties for long-term financial success and create spaces that promote occupant health and productivity. The alignment of sustainable property management practices with evolving market demands, and global expectations underscores the strategic importance of sustainability.
Author: William Lambe, Divisional Director, Bannon
Date: 4th September 2023
The retail sector in Ireland is preparing for the country’s new Deposit Return Scheme (DRS). Starting from February 1, 2024, consumers will be required to pay a small deposit (15c/25c) on plastic and aluminium beverage containers, which they can reclaim by returning the empty containers to designated collection points.
The DRS represents a substantial step toward achieving a more sustainable future. In line with the Single Use Plastics Directive, Ireland must ensure the separate collection of 77% of plastic beverage bottles placed on the market by 2025, with a further increase to 90% by 2029.
Many of the collection points will be located in shopping centres. While the primary objective of this scheme is to reduce plastic waste and encourage recycling, shopping centres will experience notable impacts on their operations and customer behaviours. One immediate consequence of the DRS will be the need for shopping centres to accommodate the significant increase in the volume of recycling. To effectively handle this increase, shopping centres will need to assess their existing infrastructure and make necessary adjustments. Proper management and maintenance of these areas in collaboration with recycling partners will be crucial to ensure a smooth and streamlined process.
With just over six months remaining until the implementation of the DRS, the Bannon Property Management Team is observing larger retailers in the firm’s shopping centre portfolio making preparations for in-store returns. While these changes may require initial investments and adjustments, the implementation of the DRS is likely to bring about positive changes in consumer behaviour, including increased footfall. The introduction of the DRS creates an added incentive for consumers to visit shopping centres. This increased footfall can translate into higher customer traffic, benefiting not only the recycling depots but also other retailers within the shopping centre.
By embracing this transition, shopping centre owners can demonstrate their commitment to environmental responsibility, attract socially conscious customers, and contribute to a greener future.
With over 25% of Ireland’s shopping centres under Bannon’s management, the firm is highly focused on implementing best practices that promote sustainability and reduce environmental impact while enhancing the customer user experience. If you would like more information about the DRS or discuss implementing sustainable practices in your properties, contact the Bannon Property Management Team today.
Author: Alex Patterson, Director, Bannon
Date: 13th July 2023
Commercial property management is a dynamic and fast-paced environment. The presence of an estates management team is critical to ensure the smooth and efficient operation of a large portfolio of managed assets. Estates managers perform a wide range of roles across a portfolio and constantly face new challenges daily.
The primary responsibility of the Bannon Estates Management Team is to ensure the safety, security, and smooth operation of Bannon managed property assets. Regular and thorough site inspections serve multiple purposes in achieving objectives. These inspections identify potential safety hazards, ensure compliance with safety regulations, and maintain the overall integrity of the portfolio. By proactively managing safety across the portfolio, the team contributes to reducing accidents and incidents.
Accurate and timely reporting of accidents and incidents is crucial for effective property management. The Bannon Estates Management Team plays a vital role in facilitating such reporting, working closely with on-site centre management teams and contractors. By liaising with relevant stakeholders, such as An Garda Síochána, they contribute to combatting antisocial behaviour and maintaining a safe environment for occupiers and visitors to enjoy.
To ensure the highest quality of service delivery, the team also monitors cleaning standards, security performance, and health and safety audits of the properties. By regularly assessing these aspects, they can identify deficiencies and take appropriate corrective actions. This helps to maintain a pleasant user experience for occupiers and visitors while mitigating potential risks.
Monthly KPIs
The team sets monthly KPIs to track performance, identify areas for improvement, and recognize exceptional service delivery. Regular discussions on KPI results allow for continuous improvement and effective communication with line managers.
Planned Preventative Works
By implementing well-structured planned preventative maintenance programs, the team ensures that potential issues are addressed proactively, reducing the likelihood of unexpected failures, and minimising operational disruptions.
Crisis Management
Dealing with unforeseen events such as fires, floods, and anti-social behaviour requires efficient crisis management. The Bannon Estates Management Team plays a vital role in formulating and fine-tuning response plans, enabling prompt action to mitigate risks and minimise the impact on property stakeholders.
By conducting thorough site inspections, managing safety, maintaining standards, and overseeing crisis management, the estate management team contributes significantly to the success and reputation of the properties Bannon manages. With effective collaboration, strategic planning, and a proactive approach, the team creates a safe and pleasant user experience for occupiers, visitors, and the wider community.
Author: Stephen McCoy, Estates Manager, Bannon
Author: Kennan Daly, Graduate Surveyor, Bannon
Date: 7th July 2023
A very enjoyable day for the Bannon Property Management team helping out ALONE at Willie Birmingham Place, Kilmainham.
ALONE is a fantastic national charity that enables older people to age at home and one which Bannon is delighted to support each year.
Some of our property management colleagues in attendance at the Shopping Centre Managers Association Ireland annual meeting this morning.
The Bannon Property Management Team has continued its growth from 2022 with a number of new instructions across the island. Q1 of 2023 has started off on the same footing with a number of new hires across the surveying and accounts team. Bannon now manages more than 1 in 4 of Irelands Shopping Centres & Retail Parks welcoming over 100 million customers every year. While the majority of our instructions are retail (Shopping Centres or Retail Parks), we also manage an increasing number of office buildings, most particularly in Dublin. This has required the team to focus on the sustainability aims of our clients and putting in place projects to achieve the goals.
The department has a 40-strong team of surveyors and accountants from 10 counties across Ireland. This is representative of the portfolio as we manage assets across all 4 provinces as we continue to grow our presence as a nationwide business.
The Bannon Head Office is based in Dublin, however, the firm adopts a hybrid working model for the Property Management Team. In several cases our surveyors live and work in the locality of the assets they manage.
The geographical spread of the Bannon portfolio and the surveyors who work with them, give us unique insights into the locality in which assets are located. Local knowledge is essential to ensure that the needs of local customers are met.
With recent instructions in Cork City and Cork County Bannon now has a major presence in the Cork market. This is in addition to new shopping centre management instructions in Waterford and Kilkenny.
If you want to talk to the Bannon team about managing a commercial property asset or are interested in joining Ireland’s fastest growing property management team, please check out www.bannon.ie.
Author: William Lambe, Divisional Director, Bannon
Date: 4th May 2023
