Edel Flynn

Early signs of the impact AI revolution on Irish CRE as established players gear up to meet the new demand. Whilst there has been much talk about the threat to livelihoods AI might present, there is clearly also opportunity to service the new technology as it develops

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Explore Cushman & Wakefield's comprehensive analysis of Europe’s living sector through 2040. Our latest report delves into the demographic and societal trends driving unprecedented growth, the challenges of meeting housing needs, and strategic insights for investors and developers. KEY IRELAND HIGHLIGHTS 👉 Population Growth Driving Housing Demand 👉 Aging Population Boosting Senior Living Accommodation Needs 👉 Ireland's Rapid Growth in Institutional Investment Download the full report now and stay ahead in the evolving living sector landscape >>>https://cushwk.co/46n16Nf Tom McCabe, CFA FRM I Millie Harper (Todd) #CWIreland #LivingSector #EuropeanMarket #EMEA

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🏘️ The Impact of Falling Office Space Prices on the Irish Housing Market The landscape of the Irish property market is witnessing a significant shift as falling prices of office space begin to impact various sectors, including the housing market. Here are some key ways this phenomenon is influencing the housing market: 🏙️ Urban Reconfiguration: Declining demand for office space may lead to repurposing commercial properties for residential use, increasing housing supply. 🏡 Shifts in Housing Demand: With more people working remotely, the need to live near office hubs diminishes, potentially stabilizing urban housing prices and boosting demand in suburban and rural areas. 🌆 Affordable Urban Living: An increased supply of residential units in cities could moderate price hikes, making urban living more affordable. 📖 Read more in our latest blog! https://buff.ly/3KBzYQz #HousingMarket #RealEstate #UrbanLiving #RemoteWork #AffordableHousing #PropertyMarket #IrishRealEstate #SuburbanLiving #UrbanDevelopment #HousingSupply #OfficeSpace #MarketTrends #IrelandProperty

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The ACEI welcomes today’s infrastructure budget. Unsurprisingly, the government has followed the logic of investing our surplus and additional windfalls from apple and AIB in infrastructure. Many of our budget submission recommendations are evident in today’s measures as they focussed on significantly increasing investment in housing, water, transport and energy infrastructure. We will continue to advise, inform and influence government policy in how to deliver the housing, infrastructure and climate action measures in a sustainable manner. Our goal is to help increase the effectiveness and reduce the carbon footprint in the delivery of public and private sector project delivery. https://lnkd.in/eS3gXABh

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Exam time now for many students! Education has been always highly regarded in Ireland and many rightfully point to the ‘free’ education policies of previous decades as being a key part of our economic success today. Is this generation of parents, through our government, as supportive of their children’s education, particularly at third level, as our parents were of us ? -        According to the HEA website, 15% of students drop out in first year https://lnkd.in/e5NrRms5 , the rate for females is 13, males 18%. -        The cost of attending third level  is increasing significantly: https://lnkd.in/esQaNRcN, with the lack of supply & cost of accommodation a major issue now for several years. -        Irish Colleges are actively recruiting an ever increasing amount of foreign students directly, with a record high of 35,000 here now  https://lnkd.in/emBJuViy -        Grades have seen significant inflation. https://lnkd.in/eDxmd5Br -        Many local students are forced to go abroad to study veterinary, physio, medicine etc, while UCD, for example, has 25% international students.  https://lnkd.in/egtszA3B -        In Dublin, private sector student accommodation providers have raised prices by ~ 50% in the last 3 years. In some cases at least, you will need to rent the room for the full year. https://lnkd.in/eWAF7-cM -        In the Limerick region, the first year drop out rates for the 3 Colleges are 10, 11 and 18% for level 8 courses, over 50% of the students who finally graduate leave the region afterwards, and there are now over 3,500 directly recruited foreign students living/studying here. Some personal experiences: -        I was in a College car park early one morning recently and I could see many students were asleep in their cars. They can’t get accommodation so are driving long distances, they need to be there by at least 8.30am to get a parking spot. (Colleges charge students for car parking, staff park for free.) I’m aware of students driving from Westport to Athlone, getting buses from Portlaoise to Dublin every day etc etc. -        Talking to an employer who has hired a hundred graduates in recent months in Limerick, and plans for hundreds more, their only concern is lack of accommodation. Despite many good things happening in the third level sector, including internationalisation: -        Is the Irish third level education system now fit for purpose intended ? -        Is the financial funding model and performance management system at College level appropriate? -        Are the consequent actions of our third level sector contributing to our housing crisis, increased student drop out rates etc ? The future belong to countries with plentiful green energy and the skilled people with ambition to innovate. Education is surely more important for Ireland than ever before. All that said, best wishes to all students doing their exams at the moment ! Patrick O'Donovan TD Niall Collins

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‼️ In some exciting news, Proptech Ireland will be turning the usual panel event structure upside down at The National Property Summit & Awards 2024 [https://propertysummit.ie/] with an interactive showcase of proptech solutions in action ‼️ 🏘️ Estate agents, share your biggest operational challenges - whether submitted in advance or raised live from the floor - and watch as leading proptech innovators demonstrate real-time solutions that could transform your business. No generic pitches, no hypotheticals - just live, practical problem-solving that shows exactly how technology can streamline your operations. 👩‍💻 For innovators, this is your chance to prove your solution's value by tackling real estate agents' actual pain points in front of a live audience. So, agents, bring your toughest challenges test our innovators - we encourage proptech innovators and estate agents to be part of a session where real problems meet real solutions in real time! Email [email protected] to get involved 📨 ALSO... Round-up of the proptech and construction tech news making headlines this week, in association with Eile Ventures: -Navigating the science of turning trusted data into insights in mapping our world: Maps and geographic information systems such as ArcGIS’s Living Atlas are helping policymakers and industry analysts through authoritative data and smart assistants -Bringing solar to the masses without the upfront costs: Batterybox Technologies’ hybrid energy scheme takes away the upfront costs of solar from commercial entities, making it a tantalising offer for SMEs - EIIS plays a valuable role in supporting SMEs – but challenges are not far away: The Employment and Investment Incentive Scheme (EIIS) can be a lifeline for early-stage businesses but it needs a simpler process - 7 Must-Have Slides In Your Pitch Deck (According To Y-Combinator) More proptech & contech news 👉  https://lnkd.in/ezha2ud9  

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Excellent range of speakers at the Irish Home Builders Association Housing Prospects '25 event at the Hilton in Dublin. - snappy presentations meant a lot of ground was covered. The mood was optimistic. 🏠 Pat Farrell of Irish Institutional Property reminded us of the international capital needed to deliver on sharply escalating housing targets. There's still a significant funding gap which has already impacted apartment delivery. 🏠 Donald MacDonald of Hooke & MacDonald outlined the range of demand being seen across Ireland from private and govt funded purchasers and the likely trends emerging. 🏠 Michael Armstrong of EY pointed to the further equity (some from international funds, some from Family Offices) that is needed to support the Senior Debt coming to the market. Still a funding gap for equity & senior debt to support the delivery needed. 🏠 Tom Phillips of Tom Phillips + Associates outlined in a very relatable way some of the challenges and complexities of the new Planning Act. 🏠 Tony Reddy of Reddy Architecture + Urbanism referenced how increased 'own door' density in schemes in cities outside Dublin could support viability for developers where other higher density schemes may not work. 🏠 James O'Halloran of Clúid Housing outlined the progress that was being made by Cluid and other AHB's on Cost Rental, noting the increased challenges it brings. There was clear commitment to continue working with housebuilders and other stakeholders to continue to improve and expand the model. 🏠 Michael Broderick of First Home Scheme updated on progress to date showing how the scheme supported First Time Buyers bridge the affordability gap to their new home. It is reviewed and tweaked ongoing to maintain it's effectiveness. 🏠 Seán Armstrong of the Department of Housing, Local Government and Heritage showed how MMC were being used to expedite and improve delivery standards in schemes across Ireland. 🏠 Annette Hughes of EY interestingly outlined the escalation needed across all aspects of the industry, contractors, suppliers, housebuilders of scale, smaller housebuilders, funders, government agencies, AHB's and Local Authorities among others to achieve the increase in housing provision required. 🏠 Caroline Timmons of the Department of Housing, Local Government and Heritage outlined the range of initiatives currently in place to support housing delivery. 🏠 Conor O'Connell hosted very effectively, keeping the packed schedule moving at pace and reflecting on some of the key takeaways not mentioned above including the need for infrastructure development and availability of zoned land to support housing delivery needed. A worthwhile event and plenty for us Financefair | Development Finance to support as continue to close our 'in flight' transactions being funded this year and support housebuilders toward achieving 2025 targets. Financefair. ttps://https://lnkd.in/efZKVT-7

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In Sligo today at Irish Council for Social Housing https://lnkd.in/e_Sr68mZ Finance & Development 2024 Conference envisaging social and affordable housing, including cost-rental for the next decade. I'm part of a panel about 'safeguarding communities not commodities' and it connects with my research work on the climate-just city, and how data-informed planning and design can shape climate-resilient places to live. What's obvious is how much is going on across the country in local authorities and housing bodies but equally what's clear is the need to align housing not just to the climate goals but to a vision of shaping great places to live; where children, families, singles and elderly can not only find homes but are close to what they need to live; public transport, services and amenities like schools, playgrounds, health centres and shops. It's not rocket science but it is amazing how we're still building mass housing today without those amenities in place so people can wait for years for them to arrive; long after they've moved in. Every weekend I head out to Portrane Tower Bay to sea swim and every week see the mushrooming development of apartment blocks and housing, tens of thousands are being built, along the new road from Donabate, private, social and affordable, people are already moving in, but without additional public transport, services or amenities. Connected thinking, a single source of data for planning, and a vision for low carbon construction (and retrofitting) is needed. What's equally frustrating in the housing schemes (welcome as they are) is a clear lack of consistency in sustainable construction design and systems thinking. You see a estate delivered with a couple of solar panels, while next one beside it has none, and the apartments beyond it make no use of their roofs; either for green roofs or solar. Our silo thinking, our compartmentalised approach to delivery ( underscored by lack of publicly shared, coordinated data) not only fails our climate goals but our social housing ambitions. Housing should never be reduced to delivery of units, or so called 'assets', in isolation from the other elements we need to live; particularly public transport and services. We create, and fund, valuable assets when we deliver homes that match what people need, in size and quality, in the places where they need to live and where they are planned, not for the short-term, but for a generation. Climate-just housing is about connecting where we build, what we build, how we building and who we build for. That all needs collected and coordinated data to plan and design. One of the comments made by the Housing Agency in Vienna, the exemplar for urban housing, is that once they begin to plan housing they put in public transport first and add services like playgrounds, child-care, healthcare and schools at the same time. Otherwise, they say - it fails. #housing #climate #resilience #sustainability #climateJustice #cities #socialHousing

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🏡 Affordability: The Key Concern in Ireland’s Housing Market 🏡 📊 Data from the European Housing Trend Report 2024 Did you know that 48% of dissatisfied homeowners in Ireland point to affordability as their main issue? As housing costs continue to rise, securing a home that meets one’s needs is becoming increasingly difficult. 🔑 In a major shift, 58% of Irish residents now prioritize affordability over location when searching for a new home — a trend that sets Ireland apart from its European neighbours. If you’re feeling the strain of the housing market, you’re not alone. At RE/MAX, we understand these challenges and are here to help you navigate them with care and expertise. 🤝 #REMAXIreland #HousingCrisis #Affordability #PropertyMarket #HomeBuyingTips

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"The idea that we can endlessly expand data centres without serious environmental consequences is not realism- it's denial" Dr Ciarán O'Carroll's response to the disappointing take by an enterprise minister. The lack of alignment in Government on the national climate action plan is sometimes stark. Our renewable energy transition is being eaten by the expansion and energy consumption of data centres - we're importing electricity ( 80% increase in one year) to fuel data centres - the cost benefit analysis of any further expansion undermines the public interest in achieving a climate resilient society. Benefits needs to be countered with long-term costs including the substantial fines we face for failing to meet emissions targets. #climate #dataCentres #energy

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Unfortunately a lot of the public struggle to understand the language being used here - like 'carbon budget' - the stark findings in EPA projection and our failure to meet our climate targets and decarbonise our economy needs to be connected to sources of emissions, and specific actions - and translated to our daily lives and experience. The language of CCAC 'we have the technology" does not engage with the reality that we have direct pushback from IBEC in last week on transport. Dublin Airport on aviation cap and their wish-list of endless growth, and continued mixed messages abut agriculture, building/construction industry, tech/data sector as a result often of direct lobbying and political short-term thinking. Technology alone is not a solution - this requires a mind-set change for everyone and everything - and the consequences of failure for the children being born this year needs to be spelt out. #climate #EPA #Ireland

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Matt Cooper "Amazon Datacentre debacle a worrying sign of what may be in store for Ireland" Ten years now since the Apple Fiasco in Athenry Galway, a decade lost due to Consultation after Consultation to ask for another Consultation by the Commission for Regulation of Utilities (CRU) and here we are exactly where expected, not being on the shortlist is terrible but not being on the list at all is a disaster. Your Call Simon Harris, this €35Bn is real, is from only one of the platforms that used to call Ireland "Home", and without priority intervention on an accelerated plan to Decarbonise our electrical grid immediately, which allows the demand to help, we will continue to play no part in the Hosting of the Data fuelling this current Innovation wave 🤯 Ibec Cloud Ireland Mark Foley Ronan Kneafsey Michael McCarthy Simon Harris Eamon Ryan Colm Fagan Peter Burke Jean Carberry IDA Ireland

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Shockingly poor comments from Clare Byrne and deeply biased. No comments or work done beforehand. ‘Bad news if you’ve bought an expensive house if these new homes are built.’ As supply has risen, price has risen. 100% last ten years. More in the least supplied areas (outside the Pale). As there’s 25 years of undersupply, or backlog and some counties at 40-50 years. ‘Overbuild’. Ireland has never reached EU levels of supply. Which is 50 homes per person. We’re at 40 and declining under NPF 2.0/ESRI. More jobs, less housing supply. More cash / wealth. More inflation. It had some estates that were back 10 years ago, not filled but the amount of housing has always been well (20-25%) below EU levels of housing stock. Or, 250,000 undersupply a decade ago is now 450,000 relative to EU levels (Rebuilding Ireland wasn’t rebuilding houses or towns, it was rebuilding /inflating balance sheets) and NPF 2.0 sees plan to be undersupplied by 780,000 homes by 2033. Assuming Tech & talent continues to create jobs & not be fed up with the Plan from Rebuilding failure that sees 25 years to get a home & 65 young chasing each home to buy. ‘Prices may fall.’ They are assumed to rise 30% a decade in law. In every county, and rose 100% last ten years. No mention of the 1.3m not owning, nor the lowest in Europe young home ownership. Under ESRI/NPF 2.0, housing constraints are assumed to reduce job growth by 300,000 jobs a decade. And it’s to remain that it’s 25 years to own a home. Or lowest young home ownership in EU whilst highest job growth in the EU; how’s that good for the next generation? Nothing on new ways to increase supply/demand and move away from high carbon / cement to lower emissions either through new supply methods that are at scale in other countries in EU & US. And seeing price deflation (of 25% in areas of UK that have seen 4 x increase in supply in 4 years through better home delivery. ‘Good interview?’ Depends on if you want house cost inflation of 100% a decade and 25 years to own a home. Good for communities is getting to EU levels of young ownership and EU levels of housing stock and repopulating towns with some of the 1.2m young who left in the last twenty years and the 1m jobs created each decade. That’s 90-100k homes a year, €15bn of carbon take out of the new homes and €80bn in youth wealth from affordable home ownership of 65,000 homes a year. Not the current ‘good’ 18,000 a year First time buyers for c60,000 new jobs, as that’s a good decline in ownership. Each year. Just like the last ten years saw a 90,000 decline in young home ownership, or €30bn reduction in youth wealth. But I guess 1.3m young and their families and the employers / SME’s and MNC’s might see it as not so good that we’ve the highest cost of homes in EU from status quo sat on €320bn cash with ever increasing tax growth. Delivered by those good young.

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🏘️ 'Neither major party has a credible plan to meet housing demand' Gideon Salutin and Niamh O Regan on the need to build council housing to tackle the housing crisis in City AM 👇 https://lnkd.in/eRE87RpJ 📉 The UK's social housing stock has been dwindling since the 1980s Read our report, kindly funded by Nuffield Foundation, for more on how the government can support the growth of social housing 👇 https://lnkd.in/dvZGwq-T 🏠 And for more on how to boost the supply of affordable housing, read our paper on planning reform, kindly funded by Nuffield Foundation 👇 https://lnkd.in/dxaNAvFX

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Have you read our H1 Residential Review? While the Irish housing market is showing signs of stabilization with more restrained price growth, significant challenges remain, particularly regarding affordability and housing supply. Urban areas continue to experience high demand and price pressures, whereas rural areas see more stable conditions. Download the full report to learn more : https://zurl.co/VdQ3 #residential #housing #HousingIreland #construction #building

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It is hard, if not impossible, to disagree with Martin D. Shanahan ex, IDA Ireland CEO, on Ireland's self-inflicted own goal regarding National Infrastructure, particularly on Green electricity; nearly a decade after the Apple Datacentre debacle in Athenry Galway, we continue to blame electricity demand (Pharma, Chip Manufacturing, Datacentres) when it was then and continues today to be evident that its the inertia in the Supply and Distribution state commissioners office that's the challenge, first and last offshore wind farms 20 years ago, sea mass ten times bigger than land mass(2 x seas & 1 Ocean)... Commission for Regulation of Utilities (CRU) & EirGrid Group in open disagreement ... and yet we lurch from one "consultation process" to the following "consultation process" Meanwhile, we have not only lost first refusal on 5th industrial age FDI projects, we are not even on the list 🤷‍♂️😴 Ibec Cloud Ireland Maurice Mortell (he/him) Séamus Dunne David McAuley Gary Watson Michael McCarthy Simon Harris Jinél Fourie Commission for Regulation of Utilities (CRU) Eamon Ryan David McAuley Colm Fagan Peter Burke Jean Carberry Ingrid Cray

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With NPF / Rebuilding Ireland policy & resultant Planning regulator delivering lowest supply of housing per person in EU (as covered by Savilles this week) & declining AND lowest home ownership amongst young 18-44s in EU, despite highest jobs growth on lowest infrastructure, NPF is a root cause of many crisis in Ireland today. That results in young home ownership declining to lowest in EU, but also, rate of first time buyers dropped 50% outside Dublin + Cork. In the eyes of young, who are the vast majority of the 560,000 jobs runrate a decade, it's 50% longer to get a home, outside Dublin + Cork. Looking ahead, this is what NPF 2.0 looks like by county https://lnkd.in/eBR73-Br To fix NPF 2.0, there are five actions: 1. Increase job rate to runrate: assume 780,000 jobs a decade, and 1m a decade population growth as a result. With €400bn cash on deposits by 2033, and a backlog in SME's/tech/climate, with infra/homes, jobs are going to increase, rather than NPF / ESRI assuming job growth rate declines by 50%. It's not realistic nor in touch with SME's/businesses to assume their job growth rate declines. 2. Add home ownership targets a year, by county: i.e. 70% ownership in 18-44 by 2033. Measure # owning + not owning (e.g. 1.35m not owning). 70% owning is €100bn wealth gain to young. 33% in current NPF 2.0 is €100bn inflation to existing but no ownership gain in young. 3. Housing stock targets set to 50 per 100 towns. 55 per 100 in rural if regeneration. 4. Provide infrastructure backlog, in regions, now, ahead of that rising demand. 5. Make the finance supply explicit: Mortgage increases, SME credit supply increases. A plan that makes no mention of ownership, finance or carbon emissions is not a plan. A plan that does, stops vagaries & lack of accountability today. If NPF 2.0 isn't changed, there's an almighty crash coming. That's on OPR, DEPR + DOF's heads, but also on those asking to fix it. NPF 2.0 is going to accelerate existing crisis. 50,000 homes a year is just 24,000 First time buyers. Yet 1.35m don't own. These are not, currently, in NPF 2.0. Nor is energy supply (Renewables) targets relative to EU. Nor creches. Nor student accommodation. Nor public transport and density increases around that public transport to link the 900,000 homes needed a decade to remove cars and reduce emissions. And that's before even asking some the 3.1m living outside the Country, with Irish passports, are they wanting to move back to fix the opportunities in their towns + village communities. Each year, 56,000 jobs sees additional demand for 39,000 homes and 17,000 rentals (assuming 70% ownership). NPF assumes just 50,000 homes, which after 6,000 a homes going obsolete, is just 44,000 new homes. Running the # 's on NPF 2.0, it sees further young home ownership decline in ABCD: anywhere but Cork + Dublin. IF we are to get serious about a better country for young, adults + next generation, fix NPF 2.0. https://lnkd.in/eBR73-Br

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The department of finance capping supply of homes and in turn, economic growth. 40k homes a year is continued home ownership decline in young and 100% + price inflation. When did the Department go to the voters and agree that for the 1.3 million not owning today? Ireland requires 90-100k homes a year to meet EU levels of supply AND importantly, first time buyers, and then of this 100k homes, 70k of these are first time buyers (15k existing means 55k new first time buyers a year). The Department working on half the demand and the resultant budgets / capital plans means a department completely disconnected from reality; without homes, we can’t grow jobs. Are the department promoting de growth by capping supply? How do they expect to increase taxes, or to enable SMe’s / businesses to grow by capping supply? We’re at risk of becoming a country of only old people who own and then have a ever declining young population not own homes. The Department have to start being proactive and stop blocking wealth creation for young and SME’s and come out of a 1980’s mindset. We have be a high growth, low carbon country with young owning with a better mindset. And as for cash financing housing? 70% will mortgages for young and the rest can be rent financed by long term SSIA or community banking expansion that finances Community regional housing REIT’s that exist the world over outside the bubble in Kildare Street.

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