Limerick office rents drop
A NEW report that covers the second quarter of the current year has indicated that rents for Limerick offices have fallen by at least 35 percent from their peak. That and the fact that rents for unfitted offices in the city centre which were €172 per sqm are back as low as €107.6 per sqm in some cases are covered in the latest Limerick commercial-property report. However, both developers and tenants are finding it difficult to finance the fitout of shell offices and consequently fitted offices are in greater demand.
Responding to the financial restrictions, it is believed that tenants are achieving more flexible lease terms for offices that are already fitted out. Smaller offices are more in demand with a slight premium being paid if the property is at ground floor or has some profile in the city centre.
In suburban locations some shell offices are being marketed at €86-€129 per sqm, depending on the quality of the building and its location.
The report suggest that with even weaker demand for larger offices, in those buildings where a significant amount of space is available, very competitive deals are available and thus may reflect an even greater reduction of 40pc from peak rents.
John Buckley, director of DTZ Sherry Fitzgerald Limerick said: “Within the past three months there has been increased activity in the industrial/warehouse sector. There are a number of enquiries from companies wishing to expand or relocate.
“Within the office market, IDA Ireland reports a number of enquiries from clients wishing to locate in the Mid-West region”. Irish Independent
Group opposes minimum wage cut – TASC
MOVES to reduce the minimum wage would represent a “double strike against economic recovery”. That is according to Paula Clancy, a director with independent economic think-tank, TASC who was speaking following a presentation to the Oireachtas Joint Committee on Enterprise, Trade and Employment, noting that cutting the minimum wage of Joint Labour Committee (JLC) rates would be counterproductive.
“Firstly, any cut in the minimum wage or JLC rates would take more money out of people’s pockets – thus directly impacting on small businesses and their ability to maintain or create jobs.
“Instead, TASC argues that the best way of protecting and creating jobs is to take steps to boost demand in the economy. “Secondly, TASC research shows that lowering these rates would reduce income tax, income levy, PRSI and VAT receipts – and would thus have a negative impact on the public finances,” she said.
“All the evidence shows that reducing wages of those at the bottom of the earnings ladder will further postpone economic recovery,” Ms. Clancy said. Bizworld
Connemara extends Limerick zinc zone
The latest drilling results issued by Connemara Mining, the Irish AIM listed zinc explorer, has extended the strike length of the Limerick, Stonepark North zinc-lead mineralisation zone to 650 metres.
The zone is located approximately 2km north of Connemara’s original Stonepark discovery and appears to be a shallower, up-dip portion of a larger mineral deposit.
John Teeling, Chairman of Connemara Mining, said “The Stonepark North discovery continues to grow in size and importance. Already at least 650 metres in length and at least 100 metres wide the zone is open to the north and south. This reasonably shallow zone is flat lying with excellent grades of zinc and lead. These results enhance the potential of the Limerick properties. Big high grade Irish style deposits are what we are looking for in Limerick. To date the results are encouraging. The latest drill result reported today, Hole 55, has significant commercial grade zinc and lead over good widths at a relatively shallow depth.” Bizworld
