Irish Property Market 2020 Part 2

PropQueries · 10-10-2020 11:16AM

Idbatterim wrote: »

A fifty percebt marginal rate of tax. Virtually no lpt or motor tax, no water charges. An obscene welfare state, free luxury housing for many. E350 week pup even if you were on 35 week before that... brought to you by the economic experts pf ffg. Defend that... oh but sf, sf might turn out to be a joke. But ffg are proven jokes

I know that's the narrative put out by the government, but the PUP payments don't comprise any part of the additional borrowing. They raided the surplus in the PRSI fund to pay for those payments out to next April:

"The Social Welfare (Covid-19) (Amendment) Bill 2020 defined the PUP “as a social insurance benefit”, which means all payments until next April will come from the social insurance fund and much of the €3bn already paid out can be clawed back."

Link here: https://www.thetimes.co.uk/article/state-pension-fund-raided-to-pay-for-pandemic-unemployment-payments-j6h7gbswx

In relation to the obscene welfare state. You should look at the breakdown of our "welfare" budget for 2019 and it may change your opinion on the matter: https://whereyourmoneygoes.gov.ie/en/socialprotection/2019/

Which begs the question? Where is this additional €42 Billion+ in borrowings really going if it's not on PUP or social welfare?

PropQueries · 10-10-2020 11:28AM

schmittel wrote: »

I would have thought Dun Laoighaire already was in massive demand. And I'd probably say the same for Bray/North Wicklow.

In a nutshell I think there will be a shunt of demand further out.

A number who in 2019 were looking to buy in suburbs inside M50 will start looking further out eg Bray/North Wicklow, a number who were looking in Bray/North Wicklow will start looking further south eg Wicklow town etc etc.

And top of that you will have a number who can scatter back to whatever town they came from to be closer family etc.

This will have a fairly significant impact across the entire market.

But I actually think the opposite of you in that it is the areas like Ranelagh/Rathmines/Portobello/Ballsbridge/Sandycove/Monsktown/Dalkey that will hold up best.

These places have always been in big demand because they are are the nicest parts of Dublin - some of them a big attraction is you can walk into town, others its the sea views and the elegant houses. They are leafy and established.

It's the areas like Goatstown that I think will suffer. The main demand for these place is driven by the fact it is close to Dublin. There are not a lot of other redeeming features for a lot of these areas.

I'm actually quite surprised how fast this WFH has taken off. The multinationals seem to be making and implementing their decisions very quickly.

I wonder how long the 50% home/50% in office will last? Is it a stepping stone to 100% WFH for many employees until their office leases expire. They're reputable companies and many will probably honour their leases until the next lease break.

A good analysis would be a study of when the majority of these lease break clauses come into effect. It's the office tenants decisions at that time that will show where the WFH phenomenon is really heading.

Edit: Just to add. How do pension funds and other large investors now value any potential investments in commercial real estate or build to rent apartment schemes? It's kind of similar to what happened in the United States last time. Wasn't that down to investors not being able to value the underlying assets that most of the loans were secured on?

Will they all just stop investing until there's more clarity?

Timing belt · 10-10-2020 11:46AM

PropQueries wrote: »

You're right on the small talk. I would take that very seriously as that's where you begin to see the problems start. People on the street almost always know what's about to happen long before most of the experts and commentators.

There was an interesting opinion piece in the FT back in May in relation to the UK titled: 'Tax: how we will pay for the pandemic measures'.

The main points that look like serious contenders for Ireland IMO were:

"Pensions
Even before the pandemic, pensions tax relief for higher earners was under threat. It cost £38bn in 2018-19 making it the most expensive tax break, according to the National Audit Office (NAO).

Inheritance tax
Inheritance tax is has been identified as ripe for reform by various bodies including the Office of Tax Simplification, giving the chancellor plenty of scope to make changes.

Property taxes
After pensions tax relief, the Exchequer’s second most costly giveaway is Private Residence Relief which exempts people from paying tax on gains when they sell their main home. The NAO found the relief was worth £26.7bn in 2018-19 — but changing such a longstanding feature of the UK tax system would be hugely controversial.

Could a ‘wealth tax’ become reality?
Introducing a new wealth tax, either as a one-off or an ongoing levy on people’s assets, is another option the chancellor may consider, despite it being a policy the Conservatives have traditionally rejected."

Link to Financial Times article here: https://www.ft.com/content/7a01b73b-d1ec-4b6e-a7b1-2d1a0060de91

This is why I've being getting a lot more concerned and interested in this whole housing issue over the past six months. It's definitely me they're coming after. There's nobody else left.

The tax I would be worried about is a EU wide tax as European countries will be pushing for a EU wide corporation tax to pay for the pandemic. If that happens it will kill the irish economy and property market

PropQueries · 10-10-2020 11:54AM

Timing belt wrote: »

The tax I would be worried about is a EU wide tax as European countries will be pushing for a EU wide corporation tax to pay for the pandemic. If that happens it will kill the irish economy and property market

That's true. Many commentators are talking about when we will be getting back to pre-covid economic activity and growth levels. They appear to forgetting about all the potential problems that were there pre-covid i.e. the OECD tax reforms, CCCTB, pension timebomb and our already excessive pre-covid debt levels.

On valuing commercial real estate and build-to-rent apartment schemes. You seem to be a bit clued in on the current environment. Any insight into how they are currently valuing them or planning to value them post-covid?

Timing belt · 10-10-2020 12:36PM

PropQueries wrote: »

That's true. Many commentators are talking about when we will be getting back to pre-covid economic activity and growth levels. They appear to forgetting about all the potential problems that were there pre-covid i.e. the OECD tax reforms, CCCTB, pension timebomb and our already excessive pre-covid debt levels.

On valuing commercial real estate and build-to-rent apartment schemes. You seem to be a bit clued in on the current environment. Any insight into how they are currently valuing them or planning to value them post-covid?

Where I have seen wfh implemented in the past the model has always been to wfh for 1 or 2 days a week. The decision on how many days a week is influenced by the ability to exit a floor or building. E.g 2 days a week is a saving of 20% floor space and all associated costs. If 25% frees up a floor they have squeezed the extra 5% into existing buildings with people sat on top of each other. Dispute the policy senior managers are expected to be in the office so don’t choose to wfh.

If the same model is applied then you are look at a 20% drop in office property values and probably 5-10% drop in demand for rental residential property as half the people don’t want to move as kids in school, partners job etc. The other thing to bear in mind is that banks will take into account cost of commuting in calculating mortgages etc and it will be at a higher value than existing petrol/diesel prices.

The last thing to say is that the oecd tax reforms do have the potential to create jobs in Ireland as a lot of the reform is based on where decision making is undertaken as opposed to where HQ is located. And you could see companies move some of that Work to Ireland to still benefit from our tax but to that you need office space and accommodation for workers

PropQueries · 10-10-2020 12:58PM

Timing belt wrote: »

Where I have seen wfh implemented in the past the model has always been to wfh for 1 or 2 days a week. The decision on how many days a week is influenced by the ability to exit a floor or building. E.g 2 days a week is a saving of 20% floor space and all associated costs. If 25% frees up a floor they have squeezed the extra 5% into existing buildings with people sat on top of each other. Dispute the policy senior managers are expected to be in the office so don’t choose to wfh.

If the same model is applied then you are look at a 20% drop in office property values and probably 5-10% drop in demand for rental residential property as half the people don’t want to move as kids in school, partners job etc. The other thing to bear in mind is that banks will take into account cost of commuting in calculating mortgages etc and it will be at a higher value than existing petrol/diesel prices.

The last thing to say is that the oecd tax reforms do have the potential to create jobs in Ireland as a lot of the reform is based on where decision making is undertaken as opposed to where HQ is located. And you could see companies move some of that Work to Ireland to still benefit from our tax but to that you need office space and accommodation for workers

That would be a very interesting outcome if it did happen. So, basically, in addition to hollowing out their tax base, we would also be hollowing out the future productive capacity of their economies.

Stranger things have happened.

Timing belt · 10-10-2020 01:01PM

PropQueries wrote: »

That would be a very interesting outcome if it did happen. So, basically, in addition to hollowing out their tax base, we would also be hollowing out the future productive capacity of their economies.

Stranger things have happened.

Yes it would be ironic but think pressure in Europe for a standard corp tax will rise and if implemented then Ireland is in big trouble

awec · 10-10-2020 01:02PM

PropQueries wrote: »

You're right on the small talk. I would take that very seriously as that's where you begin to see the problems start. People on the street almost always know what's about to happen long before most of the experts and commentators.

This is obviously complete and utter rubbish, if anyone knew what was going to happen nobody would ever get caught out.

PropQueries · 10-10-2020 01:15PM

awec wrote: »

This is obviously complete and utter rubbish, if anyone knew what was going to happen nobody would ever get caught out.

Not at all. They know what's happening in their respective sectors. They just don't join up the dots.

For example, there was lots of talk last year about groundwork construction jobs drying up. Once those jobs dry up, that translates eventually into plastering jobs etc. drying up 12 months later and so on.

That's where the 'experts' and 'professional' come in later to tell us what's happening or to be more precise what has already happened.

TheSheriff · 10-10-2020 01:16PM

schmittel wrote: »

I would have thought Dun Laoighaire already was in massive demand. And I'd probably say the same for Bray/North Wicklow.

In a nutshell I think there will be a shunt of demand further out.

A number who in 2019 were looking to buy in suburbs inside M50 will start looking further out eg Bray/North Wicklow, a number who were looking in Bray/North Wicklow will start looking further south eg Wicklow town etc etc.

And top of that you will have a number who can scatter back to whatever town they came from to be closer family etc.

This will have a fairly significant impact across the entire market.

But I actually think the opposite of you in that it is the areas like Ranelagh/Rathmines/Portobello/Ballsbridge/Sandycove/Monsktown/Dalkey that will hold up best.

These places have always been in big demand because they are are the nicest parts of Dublin - some of them a big attraction is you can walk into town, others its the sea views and the elegant houses. They are leafy and established.

It's the areas like Goatstown that I think will suffer. The main demand for these place is driven by the fact it is close to Dublin. There are not a lot of other redeeming features for a lot of these areas.

We will agree to disagree. Valid arguments on both sides.

I simply don't think Ranleagh has the stock people will want (home office, garden etc). For many people living there will still mean apartment life.

I would envisage goatstowns being as in demand if not more than Ranleagh in a post covid world to be honest. I don't think being close to the city centre will have the same appeal.

awec · 10-10-2020 01:24PM

PropQueries wrote: »

I'm actually quite surprised how fast this WFH has taken off. The multinationals seem to be making and implementing their decisions very quickly.

I wonder how long the 50% home/50% in office will last? Is it a stepping stone to 100% WFH for many employees until their office leases expire. They're reputable companies and many will probably honour their leases until the next lease break.

A good analysis would be a study of when the majority of these lease break clauses come into effect. It's the office tenants decisions at that time that will show where the WFH phenomenon is really heading.

Edit: Just to add. How do pension funds and other large investors now value any potential investments in commercial real estate or build to rent apartment schemes? It's kind of similar to what happened in the United States last time. Wasn't that down to investors not being able to value the underlying assets that most of the loans were secured on?

Will they all just stop investing until there's more clarity?

Why do you always take any news and try and twist it into the most negative outlook possible?

Genuinely it is bizarre reading your posts at times.

I doubt you are surprised that a few companies have announced some WFH policies, but I guess feigning surprise makes it seem all the more dramatic. All your posts are missing is the "you won't believe what I just read" / "here's the stuff the media don't want you to see" and we have full blown hyperbole that wouldn't look out of place in the conspiracy theories forum.

What makes you think that the partial WFH is temporary? What makes you the impression that they're just biding time before giving up offices entirely? Has there been any indication of this anywhere, from anyone? Can you post your sources?

This talk of "probably honouring leases", can you post anything where companies indicate they will be breaking their leases?

Microsoft were mentioned yesterday, I am pretty sure Microsoft own their main building in Dublin as they only built it a few years ago.

Google, another company who announced some WFH, own at least some of their buildings too.

Indeed.com, the other one you were very quick to point out last week, are leased up to 2030.

Given your apparent surprise at the pace at which this is all happening, have we seen any instances of companies with a significant office presence shutting up their offices and moving to WFH entirely?

While it is admiral of you to continue to link dump in case any of us miss the news, particularly the stuff that's relevant, it would be great, IMO, if you could do it in a way that doesn't involve subtly insinuating that these are steps toward the sky falling in, without anything whatsoever to back it up.

It gets tiresome trying to separate the fact from fiction.

awec · 10-10-2020 01:25PM

PropQueries wrote: »

Not at all. They know what's happening in their respective sectors. They just don't join up the dots.

For example, there was lots of talk last year about groundwork construction jobs drying up. Once those jobs dry up, that translates eventually into plastering jobs etc. drying up 12 months later and so on.

That's where the 'experts' and 'professional' come in later to tell us what's happening or to be more precise what has already happened.

There was?

Can you post your source?

Melanchthon · 10-10-2020 01:31PM

awec wrote: »

There was?

Can you post your source?

I don't think there was to be honest and that's something I would be aware of tangentially.

There might be an issue next spring/summer though

PropQueries · 10-10-2020 01:32PM

awec wrote: »

There was?

Can you post your source?

A bit of reeling in the years type news from November 2019: 'Construction work hits six-year low'

Link to Irish Examiner article here: https://www.irishexaminer.com/business/arid-30962988.html

PropQueries · 10-10-2020 01:37PM

awec wrote: »

Why do you always take any news and try and twist it into the most negative outlook possible? Genuinely it is bizarre reading your posts at times.

I doubt you are surprised that a few companies have announced some WFH policies, but I guess feigning surprise makes it seem all the more dramatic. All your posts are missing is the "you won't believe what I just read" / "here's the stuff the media don't want you to see" and we have full blown hyperbole that wouldn't look out of place in the conspiracy theories forum.

What makes you think that the partial WFH is temporary? What makes you the impression that they're just biding time before giving up offices entirely? Has there been any indication of this anywhere, from anyone? Can you post your sources?

This talk of "probably honouring leases", can you post anything where companies indicate they will be breaking their leases?

Microsoft were mentioned yesterday, I am pretty sure Microsoft own their main building in Dublin as they only built it a few years ago.

Google, another company who announced some WFH, own at least some of their buildings too.

Indeed.com, the other one you were very quick to point out last week, are leased up to 2030.

Given your apparent surprise at the pace at which this is all happening, have we seen any instances of companies with a significant office presence shutting up their offices and moving to WFH entirely?

While it is admiral of you to continue to link dump in case any of us miss the news, particularly the stuff that's relevant, it would be great, IMO, if you could do it in a way that doesn't involve subtly insinuating that these are steps toward the sky falling in, without anything whatsoever to back it up.

It gets tiresome trying to separate the fact from fiction.

I was surprised how quickly many appear to be making their WFH strategies permanent given the leases they have signed up to.

But then again, given that Google had revenues of c. $162 billion last year, you're right. I shouldn't have been surprised as the cost of their office leases in Ireland are a relative pittance relative to their revenues so such companies can indeed afford to keep them vacant until their next lease break.

awec · 10-10-2020 01:43PM

PropQueries wrote: »

A bit of reeling in the years type news from November 2019: 'Construction work hits six-year low'

Link to Irish Examiner article here: https://www.irishexaminer.com/business/arid-30962988.html

You said "was lots of talk last year about groundwork construction jobs drying up", and then post a link to an article that outlines how while residential construction is still growing, the rate of growth has slowed.

For one thing, the article doesn't mention groundworks, nor does it make any inference that work is drying up. I guess I'm still unsure where your assertion comes from.

TheSheriff · 10-10-2020 01:45PM

awec wrote: »

Why do you always take any news and try and twist it into the most negative outlook possible? Genuinely it is bizarre reading your posts at times.

I doubt you are surprised that a few companies have announced some WFH policies, but I guess feigning surprise makes it seem all the more dramatic. All your posts are missing is the "you won't believe what I just read" / "here's the stuff the media don't want you to see" and we have full blown hyperbole that wouldn't look out of place in the conspiracy theories forum.

What makes you think that the partial WFH is temporary? What makes you the impression that they're just biding time before giving up offices entirely? Has there been any indication of this anywhere, from anyone? Can you post your sources?

This talk of "probably honouring leases", can you post anything where companies indicate they will be breaking their leases?

Microsoft were mentioned yesterday, I am pretty sure Microsoft own their main building in Dublin as they only built it a few years ago.

Google, another company who announced some WFH, own at least some of their buildings too.

Indeed.com, the other one you were very quick to point out last week, are leased up to 2030.

Given your apparent surprise at the pace at which this is all happening, have we seen any instances of companies with a significant office presence shutting up their offices and moving to WFH entirely?

While it is admiral of you to continue to link dump in case any of us miss the news, particularly the stuff that's relevant, it would be great, IMO, if you could do it in a way that doesn't involve subtly insinuating that these are steps toward the sky falling in, without anything whatsoever to back it up.

It gets tiresome trying to separate the fact from fiction.

Any post from this poster which now starts with "Here's an interesting article" I just skip over, as even if the article said houses were up 100% it would be presented with a negative undertone, that these are the last possible increases before the world ends.

PropQueries · 10-10-2020 01:55PM

awec wrote: »

You said "was lots of talk last year about groundwork construction jobs drying up", and then post a link to an article that outlines how while residential construction is still growing, the rate of growth has slowed.

For one thing, the article doesn't mention groundworks, nor does it make any inference that work is drying up. I guess I'm still unsure where your assertion comes from.

As I said "talk" of construction groundwork jobs drying up last year, so obviously no link. After your request to back up such 'talk' with a 'link', I then posted an article from November 2019 stating that construction jobs were indeed beginning to dry up later in 2019.

Maybe there's no link between the two.

TheSheriff · 10-10-2020 02:05PM

One property we were bidding on in D15 which was asking 485 now up on the register for ~460k.

We pulled out at 480 and I understood it went sale agreed at 485, this was all during covid.

So they managed to get a 4% discount on the agreed sale price. Ballpark for the house tyoe in the specific area, so looks like both a smart seller and smart buyer willing to negotiate.

Hubertj · 10-10-2020 02:23PM

I expect a number of large enterprises will maintain their existing offices once the lease comes for renewal. Very good opportunity to negotiate reduced rates.
I mentioned the other week about mark Zuckerberg going on about allowing everyone wfh forever.
Then this happens... https://www.google.ie/amp/s/www.nytimes.com/2020/08/03/nyregion/facebook-nyc-office-farley-building.amp.html%3f0p19G=0232

No doubt at a nice discount after all the wfh talk.

awec · 10-10-2020 02:32PM

PropQueries wrote: »

As I said "talk" of construction groundwork jobs drying up last year, so obviously no link. After your request to back up such 'talk' with a 'link', I then posted an article from November 2019 stating that construction jobs were indeed beginning to dry up later in 2019.

Maybe there's no link between the two.

The article stated no such thing?

PropQueries · 10-10-2020 02:33PM

Hubertj wrote: »

I expect a number of large enterprises will maintain their existing offices once the lease comes for renewal. Very good opportunity to negotiate reduced rates.
I mentioned the other week about mark Zuckerberg going on about allowing everyone wfh forever.
Then this happens... https://www.google.ie/amp/s/www.nytimes.com/2020/08/03/nyregion/facebook-nyc-office-farley-building.amp.html%3f0p19G=0232

No doubt at a nice discount after all the wfh talk.

Thanks for the link. But I think what many people forget is that the office space currently being built by both Google and Facebook in Dublin will most likely result in them moving their staff currently working in their leased space within the city into their new owned office space.

The Google and Facebook buildings will both be completed over the next couple of years (I think the Google space is probably nearing completion at this stage), so it will be interesting to see who takes up the space they previously leased within the city.

Here's an interesting one in relation to Google's leasing of space in Dublin from 2019. Take note of the lease break options:

"Google is to increase its already-massive footprint in the capital following an agreement to lease more than 7,000sq m (75,000sq ft) of office space at Central Park in Sandyford, Dublin 18.

It is understood Google has agreed a rent of around €30 per sq ft on a lease of 10 years with a break option in the fifth year for six of the eight floors at the property."

Link here: https://www.irishtimes.com/business/commercial-property/google-strikes-deal-for-new-sandyford-offices-1.4042868

Graham · 10-10-2020 03:03PM

awec wrote: »

Why do you always take any news and try and twist it into the most negative outlook possible? Genuinely it is bizarre reading your posts at times.

Confirmation bias;

coined by English psychologist Peter Wason, is the tendency of people to favour information that confirms or strengthens their beliefs or values, and is difficult to dislodge once affirmed. Confirmation bias is an example of a cognitive bias, and also of the tendency to mistakenly perceive connections and meaning between unrelated things, termed apophenia.

Some psychologists restrict the term confirmation bias to selective collection of evidence that supports what one already believes while ignoring or rejecting evidence that supports a different conclusion.

10-10-2020 03:03PM

awec wrote: »

Microsoft were mentioned yesterday, I am pretty sure Microsoft own their main building in Dublin as they only built it a few years ago.

Google, another company who announced some WFH, own at least some of their buildings too.

Indeed.com, the other one you were very quick to point out last week, are leased up to 2030.

LinkedIn building a campus along the canal opposite the Mespil Hotel, they own their HQ building and have leases for 20+ years on the others

Facebook continuing with their campus at Bank Centre on a 20+ year lease

HotDudeLife · 10-10-2020 03:10PM

awec wrote: »

There was?

Can you post your source?

Sometimes in life people don't produce science backed studies when engaging in small talk about what is going on in their lives.

If an individual tells me they are going through hard times, lost their jobs, their industry or friends industry is in decline etc. I don't stop them mid sentence and ask for a controlled study or legitimate source of evidence.

Some people need to get out more.

HotDudeLife · 10-10-2020 03:17PM

PropQueries wrote: »

Not at all. They know what's happening in their respective sectors. They just don't join up the dots.

For example, there was lots of talk last year about groundwork construction jobs drying up. Once those jobs dry up, that translates eventually into plastering jobs etc. drying up 12 months later and so on.

That's where the 'experts' and 'professional' come in later to tell us what's happening or to be more precise what has already happened.

Exactly this, these "experts" rarely predict anything, they just conduct post mortem economic analysis.

The bellweather will always be the word on the street, i used to gauge this by people i know in the restaurant and hotel industry, if they told me business was slumping, a downturn usually followed.

Fast forward to 2020, 90% of every industry is in serious decline or hit a screeching halt but somehow some think Irish house prices will be immune to this, "this time it's different" etc, lol. Complete deniers will be in for some shock when reality hits.

I'm actually convinced most people are not that ignorant and those claiming everything will be fine and prices won't fall off a cliff have vested interests and are just trying to push an agenda (as could be said for those saying prices will crash). From a neutral standpoint the writing is on the wall for this dysfunctional market, it's long been due a correction.

TheSheriff · 10-10-2020 03:25PM

HotDudeLife wrote: »

Exactly this, these "experts" rarely predict anything, they just conduct post mortem economic analysis.

The bellweather will always be the word on the street, i used to gauge this by people i know in the restaurant and hotel industry, if they told me business was slumping, a downturn usually followed.

Fast forward to 2020, 90% of every industry is in serious decline or hit a screeching halt but somehow some think Irish house prices will be immune to this, "this time it's different" etc, lol. Complete deniers will be in for some shock when reality hits.

I'm actually convinced most people are not that ignorant and those claiming everything will be fine and prices won't fall off a cliff have vested interests and are just trying to push an agenda (as could be said for those saying prices will crash). From a neutral standpoint the writing is on the wall for this dysfunctional market, it's long been due a correction.

But 90% of every industry are not in serious decline ? That's the whole point. Many industries are doing quite well, some doing better than before (pharm, tech, med device, grocery, delivery etc etc.: All big employers in Ireland.

I would imagine we'll move more towards a two tier recovery, those completely shielded from all of this (financially) and those in hospitality /tourism.

PropQueries · 10-10-2020 03:30PM

Kathryn Sweet Yawn wrote: »

LinkedIn building a campus along the canal opposite the Mespil Hotel, they own their HQ building and have leases for 20+ years on the others

Facebook continuing with their campus at Bank Centre on a 20+ year lease

Isn't the Facebook campus at the Bank Centre the location of their new headquarters? Isn't that currently under construction and where they probably plan to move their existing staff working in leased office space in other parts of the city?

In relation to LinkedIn: "LinkedIn’s Irish workforce braces for cuts as company to lose 960 jobs globally". Yes, they did state in 2019 that were going to beef up their Irish workforce in 2019, but I would guess that's probably not likely at this stage. LinkedIn is also owned by Microsoft and we now know of their WFH strategy which one would assume may also be applied across LinkedIn.

As said, they will most likely honour their Irish leases until the time of their next lease break clause. The cost of their Irish leases are minimal relative to their overall revenues so they can afford to implement their WFH strategy and potentially keep their leased spaces vacant until their next lease break. They can also sell or lease out any space they already own.

Whether they own or lease office space in Dublin, it doesn't appear to impacting on the implementation of their WFH strategy.

Link to LinkedIn here: https://www.irishtimes.com/business/technology/linkedin-s-irish-workforce-braces-for-cuts-as-company-to-lose-960-jobs-globally-1.4309669

Graham · 10-10-2020 03:37PM

PropQueries wrote: »

LinkedIn is also owned by Microsoft and we now know of their WFH strategy which one would assume may also be applied across LinkedIn.

As said, they will most likely honour their Irish leases until the time of their next lease break clause.

IIRC they've only recently signed for 1 - 4 Wilton Park on 25yr leases with a break at year 12.

Healy_Rayban · 10-10-2020 03:39PM

I wonder how much money the government are going to pump into housing on Tuesday to prop up the prices.

I've seen mention of expanding the help to buy scheme. Ehhhh why?

They're not even trying to hide the fact they want prices to remain as high as possible.

I've also seen them suggest they want to force people into spending their savings, so wouldn't be surprised to see some kind of tax on deposits over 50k which would be bad for me. Same government then wouldn't impose proper vacant land/property taxes to force development.

Irish Property Market 2020 Part 2

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