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A Look Down Under at Laneways

31st January 2023/in News, Reports

One of the main attractions in Melbourne, Australia is undeniably its City Centre laneways. Once existing as purely functional areas, in the 1990’s the Government introduced policies to reimagine Melbourne’s laneways. The aim was to create exciting cultural and retail destinations in the Central Business District (CBD) to draw activity back into the city from suburban shopping centres.  

The local policy promotes the inclusion of art, landscaping, street furniture and activity space to bring vibrancy with al fresco dining adding to this atmosphere. New developments are encouraged to provide small-scale tenancies at ground level to support a unique trading environment. The laneways are characterised by an abundance of local independent operators. These operators benefit from a city centre location without the cost of main street rents, adding diversity to the city’s retail core. 

The policy in Melbourne recognises four core values that support the laneways’ success in attracting pedestrian movement and activating underutilised space. 

  1. Physical Connectivity: Connection through a city block. 
  2. Views: From the lane’s public realm towards a connecting street or landmark. 
  3. Elevational Articulation: Architectural character of the buildings and the aesthetic and spatial interest to the public realm. 
  4. Active Frontages: Frontages that provide for visual and physical interaction between the public space and the building.

So what can we learn from these policies for our cities in Ireland? Laneways are a common feature within Irish cities and towns. They are generally associated with servicing, bins, and anti-social behaviour, causing them to deflect rather than attract activity. We can see from policies introduced in Melbourne, that there is an opportunity to enhance our laneways while supporting our cities.  They could act as extensions of retail streets, encouraging the circulation of shoppers, dwell zones and a destination for unique retail and food and beverage offers.  

Led by policy, we can create vibrant and exciting spaces in Irish city centres. The Bannon Consultancy Team highlighted these opportunities in a Retail Study carried out for the Dublin City Council Development Plan 2022 – 2028. The private sector can play a role. Property owners with significant frontage to a laneway could activate and provide an exciting new space for the public to enjoy, creating rental value from previously underutilised space. We need to think creatively to develop our cities. 

 

Author:                 George Colyer, Surveyor, Bannon 

Date:                     31st January 2023 

https://bannon.ie/wp-content/uploads/berto-macario-vnox0lKxpZo-unsplash-1-scaled.jpg 1707 2560 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-01-31 09:21:512023-01-31 09:43:08A Look Down Under at Laneways

Investment Market Review & Outlook 2022-23

30th January 2023/in Investment, News, Reports

For the property sector, while one of strongest capital market years on record (second only to 2019), 2022 will be best remembered as the “year of reckoning”. A year where a mixture of macro-economic and geopolitical issues combined to commence rebasing the market following almost a decade of effectively zero interest rates, low inflation, and expansive monetary policies.

To view the full report, please click here.

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Retail Sales Index

27th January 2023/in News, Reports, Retail

Changing spending patterns saw retail sales in December 2022 fall marginally from November figures indicating the traditional Christmas rush has turned into more of a marathon than a sprint. Annualised figures (excl. motors) show a strong increase in sales values of 7.88% albeit a nominal increase in volumes of 0.16%. This reflects the ongoing price inflation which saw the cross over in the value and volume indexes last year. The data also shows a strong shift away from household and electrical which enjoyed a stellar performance during periods when other retail outlets were closed due to COVID restrictions.

CSO (Central Statistics Office Ireland)

https://bannon.ie/wp-content/uploads/RSI-December-2022.png 406 878 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-01-27 16:27:502023-01-27 16:27:50Retail Sales Index

Bannon Retail Pulse – January 2023

26th January 2023/in News, Reports, Retail, Shopping Centre

The first Bannon Pulse of 2023 is now live. We look back at the strong level of activity in 2022, highlighted by the large number of lettings and new market entrants. Our occupancy trackers finished 2022 in positive form, as did our trading analysis across the retail categories. Neil Bannon gives his take on the market concluding that, ‘The opportunity for informed investors is to acquire retail assets with robust performance but priced to reflect a negative narrative’.

To view the full report, please click here.

https://bannon.ie/wp-content/uploads/Bannon-Retail-Pulse-January-2023_Page_1.jpg 1532 1084 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-01-26 17:18:022023-01-26 17:18:28Bannon Retail Pulse – January 2023

Bannon Investment Pulse Q4 2022

10th January 2023/in Investment, News, Reports

For the property sector, while one of strongest capital market years on record (second only to 2019), 2022 will be best remembered as the “year of reckoning”. A year where a mixture of macro-economic and geopolitical issues combined to commence rebasing the market following almost a decade of effectively zero interest rates, low inflation, and expansive monetary policies.

See the high-level Bannon summary of 2022 in Bannon’s first Investment Pulse of 2023!

https://bannon.ie/wp-content/uploads/Dublin-Investment-Market-Q4-2022-Snapshot.jpg 1317 2517 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-01-10 16:20:082023-01-10 16:20:24Bannon Investment Pulse Q4 2022

At a Glance: Dublin Office Market 2022

10th January 2023/in News, Office, Reports

Dublin Office market take up for 2022 exceeded the ten year moving average figure and surpassed 2,600,000 sq.ft. by year end. This figure was boosted by a busy Q4 with over 804,000 sq.ft. transacting in the final quarter of the year. This was largely attributable to the two largest transactions of the year, Citigroup’s acquisition of 300,000 sq.ft. at Waterfront South Central and SMBC Aviation Capital’s leasing of 135,000 sq.ft. at Fitzwilliam 28.

Whilst not back to pre-covid levels, take up has increased by 53% on 2021 figures and we are seeing further stability in the market with an upsurge in activity from the Professional services and financial sectors.

https://bannon.ie/wp-content/uploads/2022-Dublin-Office-Market-Snapshot-scaled.jpg 1340 2560 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-01-10 16:17:232023-01-10 16:18:27At a Glance: Dublin Office Market 2022

Bannon Retail Pulse – December 2022

10th January 2023/in News, Reports, Retail, Shopping Centre

Our final Retail Pulse of 2022 has just gone live. All in all, an exceptionally busy year for the team at Bannon. 2023 is looking very promising for Retail.

Neil Bannon concludes this Retail Pulse with 10 Reasons to be Cheerful about the Retail Landscape in Ireland (page 4).

To view the full report, please click here.

https://bannon.ie/wp-content/uploads/8088-Retail-Pulse-December-2022_Page_1.jpg 1684 1191 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-01-10 16:08:312023-01-10 16:08:31Bannon Retail Pulse – December 2022

Bannon Retail Pulse – November 2022

12th December 2022/in News, Reports, Retail

Bannon’s latest monthly Retail Pulse has now gone live. Neil Bannon looks at recent retail sales data to demonstrate how the negative narrative continues to clash with reality.

To view the full report, please click here.

 

 

https://bannon.ie/wp-content/uploads/Bannon-Retail-Pulse-November-2022_Page_1-728x1030-1.jpg 1030 728 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-12-12 17:11:382022-12-12 17:11:38Bannon Retail Pulse – November 2022

Sustainability Blog – COP27

12th December 2022/in News, Reports

The environment and climate change were once again the centre of attention for world leaders and delegates last month at the UN Climate Change Conference, COP27. Taking place in the Egyptian coastal city of Sharm el-Sheikh, the conference welcomed more than 100 Heads of State and Governments and over 35,000 participants. 

One of the major talking points of COP27 was greenwashing. Greenwashing is the process of conveying a false impression or misleading information about how a company’s actions and/or products are environmentally sound. The UN High-Level Expert Group on Net-Zero Emissions Commitments of Non-State Entities evaluated climate commitments and action plans of large multinational institutions finding one-third of the world’s 2,000 largest firms, by revenue, have publicly stated net zero goals. A staggering 93% of them have no chance of hitting their self-elected targets without drastically ramping up their current initiatives. 

Coinciding with COP27 and in contrast to the greenwashing mentioned above, retailers including H&M, Kering and Inditex committed to purchasing over half a million tonnes of low-carbon alternative fibres for clothing and packaging to help reduce global emissions. It is reported that every tonne of clothing produced using alternative fibres will save between 4 and 15 tonnes of carbon emission. This commitment may provide the market pull required to attract investment to scale the alternative fibre sector which currently accounts for a tiny fraction (7.5 million tonnes) of man-made fibres produced each year.

The big question remains, can countries and institutions step up their efforts in tackling climate change?

Blog post written by Cillian O’Reilly, our Sustainability Manager. You can contact Cillian by email on coreilly@bannon.ie

 

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The National Property Summit 2022

1st December 2022/in Events, News, Reports

The impact of macroeconomic changes on the property sector being discussed at The National Property Summit 2022 today.

Our Chairman Neil Bannon will be discussing the commercial property sector with Suzie Nolan from Aviva, Vincent Harney and Carol Tallon from Property District.

https://bannon.ie/wp-content/uploads/property-summit1.jpg 960 1280 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-12-01 11:17:072022-12-01 12:25:16The National Property Summit 2022
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