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Office space
There are some VERY impressive office buildings under construction in Dublin right now...
The 35 office buildings in development are enough to accommodate 30,000 workers. Yet office space is still at a premium in the city…
6.03am, 4 Mar 2016
29.7k
41
Artist's impression of the new Vertium building under construction on Burlington Road, south Dublin
THERE’S ENOUGH OFFICE space under construction in Dublin at the moment to accommodate 30,000 workers a new report shows.
The research, carried out by property consultants Savills, details 35 separate building projects under way in the capital at present.
All told that adds up to 3.5 million square feet of space.
The vast majority of the buildings in question are to be found in Dublins 1, 2, and 4, with about a third of that space already committed to future renters.
Significant developments currently under way include Vertium, a 172,000 sq ft office building on the south side’s Burlington Road – which is due for completion in April 2017.
Closer to the city centre in Dublin 2, numbers 32 and 40 Molesworth Street are two of four new developments currently under construction on the street with the first of these due for completion next October, while next door on St Stephen’s Green Irish Life is expected to commence construction on a new building before the end of the year.
The 17-storey Exo building in Dublin's docklands
Two more prime buildings are due to being construction imminently in the South Docklands for completion in late 2017 or early 2018.
Rising rents
The data somewhat gives the lie to the idea that there’s no construction going on in Dublin at present. However according to Andrew Cunningham of Savills Ireland the supply shortage in the city is likely to continue due to “the time lag between construction and completion”.
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Which means rents are going to keep going up.
“In an ideal world, the delivery of office space would be instantaneous. In reality, it takes time. The average lag time between planning, construction and completion is 2-3 years,” says Cunningham.
In the interim, it stands to reason that rents will continue to rise.
Currently prime office space is being let for €55 per square foot in Dublin. Savills expect this to rise to €65 by the end of 2016.
32 Molesworth Street Digital Dimensions
Digital Dimensions
Rising rents are one of the biggest problems for corporate entities across the city. Savills aren’t expecting that situation to change anytime soon despite the glut of construction already under way.
Redevelopments
“Construction finance which was freely available for a long period during the last cycle is much more difficult to obtain now,” says Cunningham.
This has led to a slower pick up in development and generally only the most professional developers are obtaining it.
Impression of completed development at Boland's Mill Paul Tierney
Paul Tierney
One significant problem regarding the current glut of building is that many of the projects under way are redevelopments, not new developments. These are seeing office space being taken out of the supply chain.
“We are likely to end up with less space rather than more in the short term due to demolition of old 1970s and 1980s buildings which are unwinding from 35 year leases – a new phenomenon in this construction cycle versus the last,” says Cunningham.
It’s going to get worse before it gets better in Dublin it seems.
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It rounds up and down. Australia has been doing this since the early 90s. It’s quite simple. If you pay .01, .02, .06 or .07, it gets rounded down. If you’re paying .03, .04, .08 or .09, it gets rounded up.
According to the central bank if the shop cannot give you exact change they must round downwards.That is why they are advised to have a stock of 1 and 2 cent coins.
A trial in Wexford showed that 85% of shoppers wanted rounding off around the country. Is that 85% of Wexford shoppers want it for the rest of the country or was there a general poll done and it’s 85% of the country? It’s a little earlier on a Monday morning for me and maths.
Most bsiness have to pay the bank for 1c and 2c coins. removing them saves the business money in the long term. I’m sure most businesses would take up a voluntary scheme if it makes them money.
Lads, if you read a proper article about this, you’ll see that prices will not change because of this, now or in the future.
The rounding is on the TRANSACTION TOTAL, not the individual product price. It will still be in the shop’s interests to price items at .99, .98, .95, etc. and they will still do it.
The maximum you will lose or gain when you pay by cash in a shop is 2 cent.
If you buy one item priced at 99 cent, you’ll pay a euro – you lose 1 cent.
If you buy 101 items priced at 99 cent (99.99) you’ll pay 100 euro – you’ll still only lose 1 cent.
if you buy 100 items priced at 99 cent (99.00) you’ll pay 99 euro – you lose nothing
if you buy 99 items priced at 99 cent (98.01) you’ll pay 98 euro – you’ll gain one cent.
My point was that when they get rid of the coins the prices will be rounded up, not down, so the cost of nearly everything will go up. A small amount yes, but over time it’s not that small, especially if you take into account how many items will go up, and how many people purchasing these items means millions more spent.
Yes, but the rounding applies to the TOTAL. Yes, the TOTAL basket. So retailers are still incentivised to advertise products at .99 prices, and the clever consumer can ensure that simply by walking around the store with a calculator, they can making a killing of 2c every time they shop. Consumer Bonanza! I reckon I can save 2 euro a year with this savvy shopping.
My local shop already just mumbles something about “no change” and leaves you short without asking whether it’s okay. with you. At least now the law is behind them
Consumers can choose whether to round or not. So it’s basically going to be, “round down? Yes please. Round up? No thanks.” That’s just going to cost businesses money, it may be just 1-2c but with a lot of transactions, that’s going to add up.
Cause then everything would simply be rounded up 5 cents…OK for expensive things but some cheap items would be increased a noticeable %…penny sweets for example :) (I know they no longer exist but you get my meaning).
This way prices can be anything and then the TOTAL is rounded.
Makes far more sense.
‘Rounding up’ isn’t being introduced because of ‘convenience’ but because of inflation.
The European Central Bank has printed too much money and thus the one and two cent coins
have become increasingly worthless.
The more money they print, the less valuable it becomes, and the less you can buy with it.
It’s not an ‘efficiency’ measure – it’s a sign the Irish Central Bank has reduced your standard of living.
The long term trend is always inflationary with central banks.
Inflation statistics, especially those issued by the ECB, are simply not trustworthy.
For example, the Harmonized Indices of Consumer Prices (HCIP) used by the ECB
excludes costs associated with owner occupied housing.
This conveniently reduces what is the largest share of expenditure for the average consumer and
thus reduces the inflation rate.
One of the major factors in the housing boom was the European Central Bank printing money
which was channeled into property. If the ECB had taken this into account their inflation figures would have shown double digits. But of course they left out the costs associated with housing and so their figures instead showed apparently low inflation.
Also when governments release GDP figures they exclude inflation from these figures and the GDP figures rise then because of the cost of everything goes up but inflation isn’t added into the calculations. Making it look like people are spending more, that buying confidence is up but it is not because people are spending more that to the increase in the cost of things like food.
They know how to play the figures…
So the government is in favour of it.
The retailers are in favour of it.
The Central Bank is in ifavour of it.
Even Ronnie O’Toole is in favour of it.
There is something fishy going on here – there may be savings to be had somewhere in all of this but they won’t be savings for the consumers. Presumably, in the longer term, the 1c and 2c coins will be gone entirely and then what will the prices be?
Won’t this move by the Government and the Central Bank contribute to inflation? “Rounding off” will inevitably be done in an upward direction, almost never in a downward direction.
100% of retailers are in favour of the national rollout of this scheme following the successful trial in Wexford in 2013. Think of the amount of products on sale ending in 99. They’re delighted!!! Saying that it’s a great idea, it has worked well in Oz and it will drastically reduce the volume of unwanted coppers accumulating across the country amongst others things. 5c – you’re next!
What will happen to those of us who pay by card?
I presume that my bill of, say €12,34 will go through my account as €12.34, but the person behind me – buying the exact same items, and paying with a €10 and a €5 will be given change of €2.65 – losing a cent in the process.
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