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Hambleden House
19-26 Pembroke Street Lower
Dublin 2
D02 WV96
Ireland
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Phone: +353 (1) 6477900
Fax: +353 (1) 6477901
Email: info@bannon.ie
Bannon Retail Pulse – November 2024
‘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.
Swords Pavilions Shopping Centre
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.
Quayside Shopping Centre AIBF Award 2024
What an achievement for Quayside Shopping Centre securing its sixth consecutive Business All-Star Accreditation from the All-Ireland Business Foundation. And huge congratulations to Centre Manager Christine Dolan for being named the 2025 Business All-Star Sligo Business Executive of the Year.
The Bannon Project Management Team have the pleasure in working with Christine and the team and see the tremendous dedication to excellence and community engagement at the Centre, one of the North West’s premier retail destinations. Well done to everyone
Photo taken from Quayside Shopping Centre
Swords Pavilions Shopping Centre Award Winnings
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
Dungarvan Shopping Centre inclusivity programme
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.
Nomination for Tallaght Person of The Year Award in the Business Category
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
Dungarvan Shopping Centre 20th Anniversary
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!
Quayside Shopping Centre goes from strength to strength!
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.
Bannon Retail Pulse – October 2024
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.
Shaws Department Stores opening at Golden Island Shopping Centre
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.
Swords Pavilions are Finalists in the 2024 Pakman Awards
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.
Viewpoint: On whether net zero will mean stranded property assets
Neil Bannon, co-founder and executive chairman, Bannon Commercial
Neil Bannon, executive chairman Bannon Commercial: ‘Will they be as concerned about suburban locations or remote locations?’
“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.”
Bannon Retail Pulse – September 2024
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.
The Square Tallaght Completed Sale
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.
Image taken from: The Irish Times
Lettings & Lease Renewals across Harbour Place, Thurles, and Dungarvan Shopping Centres
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.
Bannon retained as Property Managers for Blackpool Shopping Centre & Retail Park
Bannon is delighted to be retained as Property Managers for Blackpool Shopping Centre & Retail Park. We look forward to working closely with Lugus and Patron Capital and are excited to support its growth and development.
Image taken from: Green Street News
Swatch is now open on 80 Grafton Street
Great to see our client Swatch opening their latest international flagship and their first full sized Irish store.
Located at No. 80 Grafton Street, Swatch have created a stunning new shop. The hugely popular and world’s largest watch company have had a busy start and there are plenty of Swatch bags in shoppers hands on Grafton Street.
Congratulations to the Swatch team and we wish you the best of luck!
For further leasing queries, please contact Darren Peavoy on 01-6477900.
Rituals is now open in The Square Tallaght
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.
Shopping Centre Managers Conference & Expo 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!
🔗
Bannon Retail Pulse – August 2024
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team focus on leasing activity in new developments.
Separately in our “Expert Insight” section Neil Bannon looks at the importance of a deeper understanding of data (the Relevance of Relativity) and how this is impacting investors appetite for the sector.
Full report available here.
Bannon retained as Managing Agents following sale of Tipp Town Shopping Centre
Bannon is delighted to have been retained as the managing agents of Tipp Town Shopping Centre following its recent sale. Bannon has been managing Tipp Town Shopping Centre since 2015 and are excited to be working closely with the new owners.
Anyone who has visited the centre in the last few weeks will already have noticed some changes and a new letting to Card Factory who opened their doors on the 23rd of July last.
Bannon is a leading provider of comprehensive property management services, with a focus on innovation, sustainability, and customer satisfaction. Bannon manages a diverse portfolio of commercial properties and deliver tailored solutions that meet the unique needs of each client.
Lovisa is now open in Dundrum Town Centre
Lovisa opened their new store over the bank holiday weekend in Dundrum Town Centre showcasing an impressive fit out!
This marks another exciting new addition to the centre which has seen significant activity with the recent openings of Mango and Space NK.
For further leasing opportunities please contact Ali O’Gorman, James Quinlan or Daniel Murphy.
Petstop is now open in Waterford
Another new store for Petstop in Waterford! The quality of fitout and what is on offer is second to none with an extensive range for all your pet needs. Congratulations to all the team and we wish you the best of luck 
Bannon is seeking further locations nationwide for Petstop so stay tuned! 🐶
Image by: Petstop
Pandora is now open in Marshes Shopping Centre, Dundalk
Pandora opened their doors in Marshes Shopping Centre, Dundalk on Friday. The fit out is fantastic and this international retailer is a great addition to the strong occupier mix. There was a real buzz around the shop over the weekend and the brand is being warmly welcomed.
For remaining lease opportunities, please don’t hesitate to contact Jennifer Mulholland or Ali O’Gorman.
Bannon Retail Pulse – July 2024
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team review activity during the first half of the year.
Separately in our “Expert Insight” section Neil Bannon looks at the ongoing juxtaposition between the replacement cost of retail developments and recent Economic and Social Research Institute (ESRI) population projections. To put it simply the value of almost all existing retail assets is less than the cost of creating a new equivalent. For this reason, one must assume that there is unlikely to be any new retail stock of any significance for the foreseeable future and the demand for existing stock is likely to remain high.
Full report available here.
Boutique 10-pin bowling alley operator Lane7 to open at Dundrum Town Centre
It has been a pleasure to be involved in delivering many of these deals for our client Hammerson. Both Lane7 and Rongcheng will be great additions to the Pembroke District F&B and Leisure offering.
Dundrum Town Centres vibrant mix of international and domestic retailers will be further enhanced with the opening of jewellery brands Lovisa and Dylan Oaks.
For further leasing opportunities at Dundrum Town Centre please get in contact with Ali O’Gorman, James Quinlan or Daniel Murphy on 01-6477900.
Bannon Retail Pulse – June 2024
The retail team track the evolution of Occupiers on Grafton Street whilst Neil Bannon highlights the positive indicators that suggest a benign outlook for retail sales.
To view the full report, please click here.
Retained as Property Managers for The Mill Shopping Centre
Bannon is delighted to have been retained as Property Managers for The Mill Shopping Centre in Clondalkin following the recent sale. The Mill is a popular Shopping Centre located in the heart of Clondalkin Village. We are looking forward to working with the new owner on this instruction.
Bannon Retail Pulse – May 2024
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team highlight Irish occupiers and franchisees with ongoing expansion requirements.
Separately in our “Expert Insight” section Neil Bannon looks at recent household net worth data from the Central Bank of Ireland and the impact that a reduced gearing ratio may have on retail spend.
To view the full report, please click here.
Urban Vets and The Grafton Barber now open in Adamstown
The next phase of openings in The Crossings @ Adamstown is under way! Urban Vets and THE GRAFTON BARBER have now opened their new stores, in what will be the new Village Centre for the Adamstown area. They join Tesco and Aldi who are already open and trading. The Urban Vets and Grafton Barber additions are the start of the 20 further retail and food units which will make up The Crossings.
Demand for the scheme has been strong and we are excited that more lettings will be announced very soon. We look forward to seeing more stores opening and the creation of the Village Centre which will become a hub for the wider Adamstown community.
For more information on the few remaining units feel free to contact Darren Peavoy or Mark Hayden.
The Pantry now open in The Swan Shopping Centre, Rathmines
Great to see The Pantry now open and trading in The Swan Shopping Centre, Rathmines. A really nice brand providing a high quality food offer to compliment the existing tenant mix. Further new store openings to be announced in the coming weeks.
We have limited space remaining, please don’t hesitate to get in touch with Jennifer Mulholland to discuss any requirements.
Bannon Retail Pulse – April 2024
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team focus on the Food & Beverage sector and in particular the most active brands in the market place.
Separately in our “Expert Insight” section Neil Bannon looks at the most recent CSO data, specifically retail sales, inflation and household savings. Are Irish consumers ready to break open the Piggy Bank?
To view the full report, please click here.
Christine Dolan Named Business All-Star Shopping Centre Industry Business Person 2024
Bannon would like to extend a big congratulations to Christine Dolan on being named 𝐀𝐥𝐥-𝐒𝐭𝐚𝐫 𝐒𝐡𝐨𝐩𝐩𝐢𝐧𝐠 𝐂𝐞𝐧𝐭𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐏𝐞𝐫𝐬𝐨𝐧 𝐎𝐟 𝐓𝐡𝐞 𝐘𝐞𝐚𝐫 𝟐𝟎𝟐𝟒 by the All-Ireland Business Foundation. Your hard work and dedication as a Centre Manager at Quayside Shopping Centre Sligo have not gone unnoticed, well done on this well-deserved recognition!
Bannon is very proud to be working with fantastic Centre Management teams across a wide network of shopping centres and retail parks.
Full Article Published by All Ireland Business Times
Petstop is now open in Wexford
Congratulations to Petstop on the opening of their new store in Wexford! The quality of fitout and the range of pet products on offer is truly impressive. We wish the team all the best with their new store and look forward to the next opening in the coming weeks. Well done!
Bannon is actively looking to expand Petstop’s presence nationwide and we can’t wait to see where they will pop up next!
Image by: Petstop
Bannon Retail Pulse – March 2024
Bannon’s latest monthly Retail Pulse has now gone live.
In this publication, Neil Bannon highlights that consumer spending keeps pace with inflation supporting continued high occupancy levels.
To view the full report, please click here.
Earth Hour
Your Hour, Your Power! Staff at Bannon and properties across our nationwide management portfolio of shopping centres, retail parks and offices will be taking part in Earth Hour tomorrow, Saturday 23rd March, from 8.30pm until 9.30pm.
Earth Hour is a global awareness movement in which involves lights, appliances, plant, and other items being turned off for an hour.
Dungarvan Shopping Centre, Co Waterford
Lots happening in Dungarvan Shopping Centre, Co Waterford in the last few months with the opening of Pamela Scott, Zara Lily, Integrity Martial Arts, Lana Thai (signed) and Eason’s committing to a new long-term lease along with a full store re-fit.
These new occupations and store investment demonstrate a continued confidence in the performance of regional shopping centres.
Get in touch with James Quinlan, Darren Peavoy, Jennifer Mulholland, Lorcan Keenan, Daniel Murphy, Ali O’Gorman and Mark Hayden to discuss further opportunities.
Liverpool FC opens in the Ilac Shopping Centre
Another one in the Back of the Net! Liverpool Football Club are now open and trading in their upsized store in Ilac Shopping Centre. The Club which has such a strong Irish fan base opened to trade in Ilac over 10 years ago. The strength and performance of the brand led to a requirement for additional space and we are delighted to deliver this new letting for our clients Hammerson and Irish Life Investment Managers.
For remaining leasing opportunities, please don’t hesitate to contact Jennifer Mulholland, Lorcan Keenan, Ali O’Gorman.
Card Factory
It has been a busy period for Card Factory with 7 stores recently acquired and opened in the past 6 months. This brings their total store count to 39 trading stores in the ROI with a number of exciting new opportunities already progressing for Card Factory’s 2024 rollout programme.
Please feel free to reach out to me to discuss any options for Card Factory or to discuss an acquisition programme for your own brand with Bannon.
New Look is now open in CastleWest Cork Shopping Centre
New Look show their commitment to Ballincollig by signing a newly extended lease in castlewestcork.ie. A positive story for the retailer and their trading performance in Ireland despite challenges in the UK and for the Centre which is anchored by Dunnes Stores and Sports Direct.
Petstop is now open in Athlone
Another new store for Petstop is now open in Athlone with an extensive range for all your pet needs. The quality of fitout and what is on offer is second to none.
Bannon is continuing to seek locations nationwide for Petstop with another store in Wexford planned in the coming weeks!
Image by: Petstop
Bannon Retail Pulse – February 2024
Bannon’s latest monthly Retail Pulse has now gone live.
In this publication, Neil Bannon discusses the concept of a “vibecession” and whether such a term is descriptive of the current Irish economic picture.
To view the full report, please click here.
The Vital Role of Family Rooms in Shopping Centres: Community Well-Being and Inclusion
Shopping centres serve as more than just places to shop; they are social hubs that bring communities together. Among the amenities that enhance the shopping experience, family rooms stand out as vital spaces that promote inclusivity, convenience, and well-being for families. These designated areas cater to the needs of parents and caregivers, offering a range of amenities that make outings with children more manageable and enjoyable.
Shopping Centres have a responsibility to meet customer expectations and adapt accordingly. By providing a safe and comfortable space for all members of the community, family rooms promote social inclusion and ensure that everyone can participate in the shopping experience, without barriers.
Convenience is another significant aspect of family rooms given the challenges of navigating crowded centres with young children. Family rooms offer a convenient place for nappy changing, breastfeeding and bottle feeding.
By catering to the needs of families, shopping centres can attract a loyal customer base and differentiate themselves from competitors. Additionally, positive experiences in family-friendly environments are likely to lead to repeat visits and word-of-mouth recommendations, ultimately driving foot traffic and increasing revenue for retailers.
An example of this type of project in the community is the recently installed family room at Swords Pavilions Shopping Centre. Opened in May 2023 and located on the ground floor, it has created an environment for privacy and has received excellent customer feedback.
The Bannon Property Management team works with shopping centres across Ireland, to support them in enhancing the shopping experience and promoting community well-being. By providing a welcoming space with essential amenities and fostering a sense of inclusion and support, these facilities contribute to making outings with children more manageable and enjoyable for families.
Author: Aoife McGovern, Surveyor, Bannon
Date: 26th February 2024
Online Retail Growth Stalls
Online shopping is a current reality for today’s retail consumer, but its recent penetration of total retail sales appears to have plateaued. In December 2019 pre pandemic, the total turnover generated by online sales excluding motor trades was 5.9%. Five years on, the CSO statistics released for December 2023 indicated that online sales were at 6.2%, virtually the same as its 2019 equivalent results.
The current narrative surrounding online shopping is that it is consistently on the rise in popularity. Contemporary statistics contradict this narrative. As expected, online sales increased dramatically during the covid-19 pandemic due to lockdown and the closing of retail stores. In November 2020 during the second lockdown, online sales reached a staggering 16.5% of the total turnover generated, excluding motor trades. This statistical outlier fed into the widely held narrative that online was on track to taking over the retail market. Despite Covid and lockdowns causing a peak in online sales, present day data conveys that turnover generated by online sales have reverted to where they were in 2019.
It was inevitable that there would be some reduction in online sales when stores reopened but the prevailing idea at the time was that online sales would hold onto to some of the gains that it had made. One explanation as to why the online platform did not retain its momentum is that the fight for retail sales is not a one-sided battle. This is perhaps most evident in the Black Friday / Cyber Monday phenomenon. Black Friday started as a US retail sales event for the day after Thanksgiving. It was quickly adopted by online retailers who came out with Cyber Monday. Black Friday is now an established part of the retailer market in Ireland annually. It is a clear bunfight for spending between retailers of all sizes and trading formats. The retailer has adapted to the needs of the consumer who for the time being prefers to shop in store for the overwhelming majority of their purchases.
Author: Alison Manning, Graduate Surveyor, Bannon
Date: 8th February 2024
Bannon Retail Pulse – January 2024
Our first Retail Pulse of 2024 has now gone live.
In this publication, Neil Bannon looks at a year of growth in the retail sector in 2023 building on 25 years of growth in Ireland.
To view the full report, please click here.
Bannon forecasts key property management challenges to address in 2024
Commercial property managers face new challenges in 2024. These challenges need to be addressed using knowledge, expertise and technological innovation. As the economic, social, and technological spheres evolve, property managers are forced to look at what measures can be implemented to ensure the smooth operation of commercial spaces.
Based on industry data and expertise, the Bannon Property Management team forecast 6 key challenges for 2024:
Economic uncertainty:
The global economic volatility has impacted businesses and the real estate industry. Maintaining profitability and sustainability of commercial properties whilst navigating inflation, interest rate fluctuation, economic uncertainty and the aftermath of the COVID-19 pandemic, is a complex balancing act. Property managers play a vital role in offsetting these factors by implementing costs saving strategies and ensuring value for money for occupiers. It is also essential that property managers stay informed about market trends, fostering relationships and embracing technology for efficient operation of real estate assets.
Sustainability and Environmental, Social and Governance Compliance:
In 2024 there will be a continued focus on environmental, social, and governance (ESG) criteria in the real estate sector. Property managers are tasked to implement sustainable practices, reduce carbon footprints and enhance energy efficiency in commercial properties. This is driven by both client goals and legislative requirements. Solutions to meet these standards not only contribute to environmental conservation but also enhance the marketability of the properties. Bannon in partnership with sister company Evia has developed and implemented numerous complicated and effective ESG projects on behalf of clients to effectively deliver on these tasks in 2024.
Technological Integration:
The rapid advancement of technology is transforming the way commercial properties are managed. Property managers are faced with the challenge of integrating smart building technologies, data analytics, and automation systems to optimize operations. This will involve significant investments in upgrading existing infrastructure and training personnel to harness the full potential of these innovations. Bannon collates and interprets a huge amount of data in relation to assets under our management. This data and its interpretation offer significant insight to Bannon when recommending projects to clients for individual asset maintenance, management and performance.
Remote Work Impact:
The widespread adoption of remote work has altered the dynamics of commercial spaces. Property managers must respond to the changing demands for flexible office spaces, hybrid work models and the need for advanced digital infrastructure. Adapting commercial properties to meet the evolving needs of tenants in this new era of work will continue to be a crucial aspect of property management in 2024.
Rising Operating Costs:
Escalating operational expenses, including property maintenance, utilities and insurance, pose a significant challenge for property managers. Balancing the need to keep costs in check while delivering high-quality services to tenants requires strategic financial management. Bannon is acutely aware of the impact high operating costs have on the attractiveness of assets from both an owners and occupiers’ perspectives. Cost management underpinned by value for money remains a key cornerstone of Bannon property management ethos.
Tenant Retention and Experience:
With a competitive commercial property market, tenant retention is crucial for property managers. Providing a positive occupier experience, addressing concerns promptly, and fostering a sense of community within commercial spaces are vital to retaining occupiers and attracting new ones.
Commercial property managers continue to navigate a complex landscape. Successfully addressing the issues highlighted requires a proactive approach, strategic planning and a willingness to embrace innovation. As the real estate industry continues to evolve, property managers who can adeptly navigate these challenges will be well-positioned for success in 2024 and beyond. The Bannon property management has a proven track record in embracing and implementing best in class approaches. A certainty for 2024 is that this will remain the case.
Author: William Lambe, Divisional Director, Bannon
Date: 24th January 2024
Bannon Retail Pulse – December 2023
Our final Retail Pulse of 2023 has just gone live. All in all, an exceptionally busy year for the team at Bannon and the Retail sector.
Neil Bannon concludes this Retail Pulse with a recap of 2023 and why there is reason to be positive when looking forward into 2024. The glass is always half full!
Finally, everyone at Bannon would like to wish all our clients and friends a very Happy and Peaceful Christmas. See you all in 2024!
To view the full report, please click here.
Active Retailer Requirements
It has been a busy year for the Retail Agency Team and as 2023 begins to draw to a close, we start to look forward to 2024. Below we set out a sample of some of our Retail Acquisition Clients who have active requirements for further store expansion next year.
Please get in contact with Jennifer Mulholland, James Quinlan, Darren Peavoy, Lorcan Keenan, Daniel Murphy, Mark Hayden and Ali O’Gorman with potential opportunities.