Update:This was meant to go out on Monday. I really need to get my dates right! Anyways, it’s out so might as well keep it out.
Well, in return for equity or delayed payments. So when we were in the Valley (and his readers go “Oh Christ, here we go again”) some of the advice we got was too be as frugal as possible and that in the Valley some lawyers and accountants would often provide their very important services to you in return for equity. Lots of gamblers over there too and I think everyone is good at spotting potential riches if they team with certain people.
With property tanking and lots of talk of it there might be a lot of empty property in 2008. Property owners and estate agents might have to work that extra bit harder to get buyers and tenants in. Maybe instead of the apple tart in the oven trick that they use in houses, they could have a few energetic companies in what otherwise might be an empty building. The buzz from these companies might encourage everyone else to move into that building. Maybe this will encourage more property developers to build co-working facilities and incubation centres? With everything else being equal of course, it will then come down to other marketing techniques.
Then there’s the idea that developers/owners might enjoy the highs and the gambles of the old property market and might ant to try their hand at investing. I mentioned it already in this post of predictions and you never know.
Well Done Damien…completely agree with what you are saying
Mike
I read yesterday that the IDA have huge swathes of property sitting empty which they are paying rent on to landlords.
It would be interesting to hear if Howard Holdings have dropped the rent on Webworks in Cork. I’ve never seen a building fill so slowly and I’m sure the total lack of activity in there for a long time didn’t exactly encourage new tenants in. It was empty in Sep 2006, how many are there now?
@conor , about 50% full, no deals whatsoever, we were thinking about taking bigger space, no leeway whatsoever or help
Great idea Damien but this one will never wash, firstly you must have a lease even if its free, lanlords will never issue a cheap lease as it creates a precident for the premises plus vision is short with those guys.
We have a very strange situation in Ireland at present with property prices dropping but the actual rental market is very strong at present in reality.
Developers are compelled to build creches in new estates without any known interest from creche operators. The Enterprise Boards in many county councils are not in the loop for those new builds. Building co-working facilities in new estates–housing or enterprise estates–is something the county enterprise boards would have to advocate. This is something we have discussed around an OpenCoffee table but so far, no county enterprise advocates have swung by for a free chat.
On a related note, Ireland used to tolerate squatters, even small business operations, in unoccupied properties. It’s a right freely taken by several artists I know in Germany and could play out well in several of the communities where I’ve lived in Ireland.
This is a great idea. During the tech boom of a decade ago I was the Texas marketing/business development manager for a tech focused law firm. The lawyers regularly provided empty office space to start ups they really believed in. This did two things,….it built good will with the client who was pre-funded and needed a place to hang his hat, but it also built good will with the tech community.
This advice is not just for the owner of a building, but any business that has open office space. Why not help a start up? That shows you are a big picture thinker….and if the office is empty anyway it is a total win/win solution.
On a related note, Ireland used to tolerate squatters, even small business operations, in unoccupied properties. It’s a right freely taken by several artists I know in Germany and could play out well in several of the communities where I’ve lived in Ireland.
an example would be appreciated bernie because things are so different in Ireland to any other continental company, business squats in ireland, tech business squats???
All you have to do is spend a few days in Berlin and stay in the old east Berlin. Then follow the night life along the main streets, going no farther west than Potsdamer Platz. You’ll quickly see the artist galleries powered by cables borrowing current from nearby public spaces. Then you’ll start to notice clean office fronts with no signage that mark places where some enterprising chancers are camped out for business. I don’t recommend setting up shop that way because if your gear stays behind, you could get counter-squatted. Nonetheless, the uninsured business premises, some arty, some techie, are there to see in both old decrepit structures and new, unoccupied buildings.
yeah but still I don’t think it could work in Ireland. berlin is berlin
It would be lovely to think something like this would happen – and really, there is no reason why it shouldn’t. The prevailing wisdom WOULD seem to dictate that it might set a precedent but we’ve lived through a great period of unprecedented change where what we thought was impossible, became possible. Now it’s time for more creative, forward looking thinking and not just in the tech world that Damien advocates in this post.
Go around any smallish town in Ireland and see the number of empty retail premises you find on the main street. Rents are too high, shops go out of business and there is a knock on effect to other shops in the town…
It’s time to look around a bit beyond the tech world and see that there’s a lot more to business activity in Ireland apart from the clever, buzzy world of Paddy’s Valley.
the floors above the shops o’connell street esp the west side, havn’t been kept up by owners