The market knows best, we should leave them at it.
This is start of it. Most of these are owned by foreign institutions so it won’t be like 2008 when it was all Irish money
McWilliams say investment in commerical property has fallen from €4bn per annum to €1bn per annum, so it’s already adjusting
Now is the time for Co-Working spaces along with more split floor office space.
I think it will be suburban office spaces along with older buildings that suffer.
If you look at somewhere like Merrion Square, Fitzwilliam Square etc in Dublin- this is ripe to be converted to residential. The problem is the number of NGOs who want to be near the Dáil.
At the moment you’ll have companies winding down their leases to either ditch the office entirely or look for something different. And you also will have larger businesses not committing to new space so long as there is the promise of a crash.
I’d agree with this.
I think companies might be going for less footprint but they want a higher quality space in a better location.
Working on an office expansion project at the moment and spoke to an architect who said the most of his work now is conversion of existing workspaces to make it more attractive to staff, the new build fit out work has pretty much disappeared.
The roll off of leases over the next 5 or 10 years will be the major factor. Even if they are going to keep office space, if there’s a load of empty space around they won’t be paying the same rates. Yields fall, profitability falls, value of the building falls etc etc.
What the fuck are the council going to do with their Operah quarter of commerical office space 
Although by the time it’s built…
They’ll be looking nervously at 1BQ to see if that lets.
I believe the top 2 floors of the hanging gardens are currently empty as well.
The market leads nothing here.
We decided to destroy our construction sector over 10 years ago despite demographics going one way. When the sector started to come back naturally we needed places for people to work, with a chronic shortage in office space. With this coming back we had moronic things in place like the SDZ in the docklands which stunted development.
The sector started to look at the shortages we had in housing. We had lashed on a whole load of regulation that made construction more expensive but also we had an edict from on high that we needed to get denser- recognising the fact that we had a lot of semi Ds sprawled out but fuck all studios/apartments in urban areas. The “market” responded with loads of plans and started to work- then that wasn’t good for the Twitter set. We decided to ban co living and hobble BTR.
We also had a sector that responded to the chronic shortage of hotel rooms- something sighted in various reports years ago (nothing to do with homelessness and refugees). This pissed off the Twitter set and they demanded “no more hotels”. The shortage of hotel rooms that was predicted has come to pass- exacerbated by other problems but predicted several years ago.
The idea that the market leads on anything is thick. They respond to whatever regulation we have at the time.
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Some of these businesses would be wound down.
New ones will come in their place and they will look for space.
Very simplistic question from a very simplistic man but is there really a fear that companies will ignore all the personal and societal benefits of WFH and the fact that people are doing just as good a job remotely to just say fuck ye cunts we have this office space paid for so by fuck we’re going to use it?
99% of companies and the boards that run them don’t give a fuck about you or societal benefits, unfortunately. If they feel it’s better for the bottom line then and their own reputations then they will press for 3 days back, then to 4 etc.
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Industry dependent I would have thought.
But I don’t get how it’s better for their bottom line. Surely they are paying the cost of the office space one way or the other. And surely long term it’s better as they won’t have to pay for it eventually.
If it just means that people work more and companies are more profitable when people are in the office then surprised they are allowing WFH at all.
Yes, co-living would have solved a lot of issues, alas it was not to be.
Senior people won’t come in. That’s what is stopping office return being enforced in most places.
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Anecdotally I have heard a lot of return to office demands are just being ignored in the bigger companies. Some people coming in 5 days because it suits them others not bothering their hole coming in any day because it doesn’t.
CEOs think everyone’s doing three days but middle management not really giving a fuck whether you do or not.
Everyone’s happy
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We’d be in a far better position if we had 10 x the number of units they’re currently providing.
Get young people out of house shares.
Encourage them to emigrate altogether, that worked well before.
Who to emigrate?
Co living rooms are 20% bigger than the largest room you’ll get in a house share.
They’re very popular with overseas workers because of their locations, flexibility and transparency.
Delusional idiots pushed for their banning and they deserve a lot of the blame for the rental crisis.