The commercial property market, especially the offices sector, faced numerous difficulties last week. There were instances where top-ranked properties were offered for significantly less than the listed sale prices. Certain banks have also begun exerting pressure on borrowers falling short of their covenants.
John McCartney, the chief of research at BNP Paribas Real Estate and a keen observer of the market trends, joined Ciarán Hancock on his show, Inside Business, to discuss these recent shifts in detail. McCartney shed light on the current valuations in the market and how banks and private equity firms are viewing their exposures. He forecasted future construction activities in the sector as the demand continues to fall.
In the second segment of Inside Business, an IrishJobs survey was presented, indicating a rise in using AI in recruitment processes. Both employers and prospective employees are utilising AI for applications and resumes.
The issues addressed included a surge in corporation tax revenues in August preceding the pre-election budget, the Kingspan allegations of creating a fraudulent market for Grenfell tower insulation, a warning against the government’s budget plan by a watchdog, and debates around the necessity of an Infrastructure Department. The episode is produced by John Casey with JJ Vernon on sound.