Dublin Economic Monitor - EY

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Dublin Economic Monitor - EY
Dublin issue 14
       August 2018

Economic
Monitor

                          In this issue
                        LATEST DUBLIN
                      ECONOMIC DATA
                 IHS MARKIT DUBLIN PMI
      KBC/ESRI CONSUMER SENTIMENT
         MASTERCARD SPENDINGPULSE
       CONSTRUCTION DRIVES HIGHEST
              QUARTERLY INCREASE IN
             EMPLOYMENT IN 10 YEARS
                 SANDYFORD BUSINESS
               IMPROVEMENT DISTRICT
    DUBLIN BAY BIOSPHERE PARTNERSHIP
Dublin Economic Monitor - EY
WELCOME

       HIGHLIGHTS
          Dublin's unemployment rate
          falls to 5.7% in Q1 2018.

          Residential rents continue on
          upward trend with tenants paying
          an average €1,500 in Q1 2018.

          Residential property prices
          inflation moderated in May 2018
          registering growth of 10.7% YoY.

          Public transport trips in Q1 2018
          53.9 million pubic transport trips
          were undertaken, an additional 2.4
          million trips over Q1 2017.
                                                     welcome to the august
                                                     2018 issue of the dublin
          Housing completions in Dublin
          totalled 5,600 in 2017 with a
          further 1,214 completions in the
          first quarter of 2018.
                                                     economic monitor
          Dublin Airport welcomed an

                                                     T
          additional 16,500 passengers in                      he Dublin Economic Monitor                  to the whole of Ireland (see centrefold
          March 2018 compared to March
                                                               is a joint initiative on behalf             supplement).
          2017.
                                                               of the four Dublin Local                        The special articles this quarter
          The Mastercard Dublin                      Authorities, and is designed to be                    include one from Sharon Scally,
          SpendingPulse                              of particular interest to those living                Chairperson of the Sandyford Business
          Consumer spending in the Dublin            and doing business in Dublin or                       Innovation District (BID) discussing
          economy grew 5.2% YoY in Q2                consideringlocating here. It is produced              how they are driving business
          2018 while tourist expenditure was         by EY-DKM Economic Advisory                           development in the area and trying to
          up 16.2% YoY, driven mainly by the         Services, with KBC/ESRI delivering the                achieve Innovation District status by
          US and French markets.                     Dublin Consumer Sentiment data and                    2021 (p.12). While Les Moore, Chair of
                                                     IHS MARKIT delivering the Dublin                      the Dublin Bay Biosphere Partnership
          The Dublin MARKIT PMI                      Purchasing Managers' Index (PMI).                     talks about the business & enterprise
          Output continued to rise sharply
                                                         We also partner with Mastercard to                opportunities in the unique UNESCO
          in the Dublin private sector in
                                                     use their SpendingPulse reports to better             urban site which covers over 300 km2 of
          Q2 2018, extending the current
          sequence of growth to 23 quarters.         understand retail and tourism spending                the Dublin region (p.14).
          The Dublin PMI moved up to 58.5            patterns. The SpendingPulse is derived                    We hope you find the Monitor
          from 58.0 in the opening quarter           from anonymised and aggregated card                   useful and welcome any feedback. You
          of the year.                               transaction data as well as other means               can sign up to our quarterly mailing
                                                     of payments such as cash and cheques.                 list and access the Monitor resources
          KBC/ESRI Consumer Sentiment                This data helps the city develop new                  online at www.dublineconomy.ie. The
          Overall, consumer sentiment                insights on the spending patterns                     next release will be published online on
          remains in positive territory but          of Dubliners and tourists, as well as                 November 8th 2018.
          Q2 2018 has seen a broad-based             comparing the Capital's performance
          downturn in confidence relative to
          Q1. The decline has occurred both
          in and outside Dublin suggesting           Dublin City              South Dublin County         Fingal County          Dún Laoghaire Rathdown
          a broad-based moderation in                Council                  Council                     Council                County Council
          sentiment.
                                                     This document provides general information on the Dublin economy. It is not intended to be used
                               image: nigel motyer   as a basis for any particular course of action or as a substitute for financial advice. The document is
        winner of the best photograph of a fish or   produced independently by EY-DKM Economic Advisory Services; the views and opinions expressed are
       mammal category in the dublin bay biosphere   those of the relevant author, and do not necessarily reflect the views of the Dublin Local Authorities.
         underwater photography competition 2018.    The Dublin Local Authorities disclaim all liability in connection with any action that may be
                                                     taken in reliance of this document, and for any error, deficiency, flaw or omission contained in it.

2 //
Dublin Economic Monitor - EY
ECONOMY

GLOBAL ECONOMY                                                                                       NATIONAL ECONOMY
According to the IMF’s World Economic Outlook for April 2018,                                        The latest results for Irish GDP show annual growth of 7.2% in 2017.
the global economic upswing of the past two years has become                                         GNP increased at a rate of 4.4% for the same period, revised from
broader and stronger. Indeed their forecasts indicate growth of                                      a preliminary estimate of 6.6%. Modified Gross National Income
approximately 4% over the next two years.                                                            (GNI*), an indicator designed to exclude globalization effects that
    In the US growth is forecast to increase from 2.3% to 2.9% this                                  disproportionally impact the measurement of the size of the Irish
year before a slight moderation in 2019. The IMF note that the                                       economy, indicated more modest growth of 3.0% in 2017, while
expected macroeconomic impact of the December 2017 tax reform                                        another alternative measure, Modified Domestic Demand (MDD),
– namely the lower corporate tax rate and firmer external demand                                     which accounts for the effects of aircraft leasing and the import of
- is to boost short-term activity. Since the last publication, the US                                intellectual property, shows the economy grew by 1.4%. It is clear
and EU have declared a ceasefire in their trade war with both sides                                  from both GNI* and MDD that the underlying rate of growth in
agreeing to put on hold any new tariffs.                                                             the Irish economy is much less than suggested by GDP or GNP.
    The IMF has also revised upward their expectations of growth in                                      Personal consumption, an important indicator of how the
the Euro Area, reflecting stronger-than-expected domestic demand,                                    domestic economy is performing, increased by 1.6% in 2017. Over
supportive monetary policy and improved external demand                                              the last six years, the largest increase in value added (the difference
prospects. As such, the Euro Area is forecast to grow by 2.4% in                                     between production value and intermediate consumption) in the
2018 before falling back slightly in 2019 to 2%, considerably lower                                  five key sectors has come in industry, as observed in the Figure below.
than growth rates forecast for Ireland.                                                              This is followed by professional, admin and support services and
                                                                                                     information and communication. Increases in value added to public
                                                                                                     administration, education and health, however, have been minimal.
eu (28) and irish gdp growth rates
35%                                                                                                   trends in value added by sector 2011=100
                                                                                                     240
30%

25%                                                                                                  220

20%                                                                                                  200

15%
                                                                                                     180

10%
                                                                                                     160
  5%
                                                                                                     140
  0%
                                                                                                     120
 -5%

                                                                                                     100
-10%
       2005   2006   2007   2008   2009   2010   2011    2012   2013   2014     2015   2016   2017
                                                                                                      80
                                                                                                           2011

                                                                                                                      2012

                                                                                                                                    2013

                                                                                                                                                 2014

                                                                                                                                                                 2015

                                                                                                                                                                                 2016

                                                                                                                                                                                                  2017
                                     Ireland            EU (28)

                                                                                                       Industry excluding            Professional, administration               Information and
source: eurostat. note: current prices                                                                 construction                  and support services                       communication

                                                                                                                    Distribution, transport,                Public administration,
                                                                                                                    hotels and restaurants                  education and health
Forecasts for the UK remain broadly unchanged and indicate a
continued slow-down in growth in the UK over the next two years.                                     source: central statistics office.

Business investment is expected to remain weak, while concerns                                       Brexit remains one of the key risks to growth in the Irish economy.
over higher barriers to trade and lower foreign direct investment in                                 Following the publication of a White Paper, in which the UK
the wake of Brexit are expected to leave the UK growing below its                                    government had advocated for a softer Brexit than previously
potential growth rate. However, inflation remains at 2.7% in 2018,                                   envisaged, on 19 July the EU issued a document underlining the
above the Bank of England target of 2%, on foot of diminishing                                       need for Member States to prepare for a no-deal scenario. This
slack in the economy together with the pass-through effects of                                       emphasizes that the risk of a no-deal and a significant shock to the
depreciation of the pound.                                                                           Irish and UK economy remain very real.

major economies gdp growth forecasts                                                                 irish macroeconomic growth forecasts

                                                        2017             2018                 2019                                                       2017           2018               2019
                                                          %               %f                   %f                                                        %E              %f                 %f
 global                                                  3.8              3.9                  3.9    gnp                                                 4.4%           5.9%             5.0%
                                                                                                      gdp                                                 7.2%           4.6%             4.0%
 uk                                                       1.8                 1.6              1.5
                                                                                                      private consumption                                 1.6%           2.1%             2.0%
 us                                                      2.3              2.9                  2.7    public expenditure                                  3.9%           3.1%             2.9%
 euro area                                               2.3              2.4                  2.0    investment                                        -31.0%          10.1%             8.0%
                                                                                                      exports                                             7.8%           6.1%             5.9%
 germany                                                 2.5              2.5                  2.0
                                                                                                      imports                                            -9.4%           6.5%             6.5%
 japan                                                    1.7                 1.2              0.9
                                                                                                      unemployment rate                                  6.7%           5.7%              4.9%
 china                                                   6.9              6.6                  6.4
                                                                                                      employment                                         2.9%           2.3%              2.0%
 india                                                    6.7             7.4                  7.8    cpi inflation                                      0.3%           1.0%              2.1%
source: imf, april 2018.                                                                             sources: ey-dkm forecasts. e: estimate f: forecast

                                                                                                                                                                                        // 3
Dublin Economic Monitor - EY
DUBLIN ECONOMY

       CONSTRUCTION
       SECTOR PROVIDES
       EMPLOYMENT BOOST
       IN EARLY 2018

challenges persist in the housing market with
average rents at all-time high
The upward trends observed in Dublin’s labour market at the end               “Dublin consumers became a little more cautious in the
of 2017 have continued into 2018. The unemployment rate in                    second quarter of 2018 as increased uncertainty about
the Capital now stands at 5.7%, the lowest since early 2008. The              the global economy translated into some nervousness
labour market has seen strong improvements with a further 13,200              about the outlook for jobs and a greater caution in
people employed in the Capital in the quarter to Q1 2018. There               relation to household spending plans. While the survey
are currently 685,500 people in employment in Dublin, an increase             suggests confidence has slipped somewhat of late,
of 34,500 in the year.                                                        it is important to emphasise Dublin consumers remain
    The Human Health & Social Work sector continues to register               broadly positive in their thinking on the economy and
strong growth in employment with an additional 8,700 people                   their personal finances.”
added between Q1 2017 and Q1 2018. Construction has also been
a key driver of growth in employment with an additional 16.7%              Reflecting YoY improvements in consumer sentiment there has
(4,700) employed in the year.                                              been further strong growth in retail sales in Q2 2018 as measured
    House prices in Dublin increased by a further 10.7% in May             by the Mastercard Dublin SpendingPulse. According to Michael
2018, the 12th consecutive month of double digit YoY growth.               McNamara, Global Head of SpendingPulse, .the Mastercard data
However, it does represent a slowdown in the rate of inflation with        reflects the improvements in the first quarter 2018:
YoY growth of 13.0% recorded in April 2018. Growth rates are                  "Overall the retail environment in Ireland remains solid with
equally strong outside Dublin with 14.1% YoY growth recorded.                 a 4.5% growth rate for retail sales across the country with
Pressure continues in the rental market also.                                 Dublin’s performance particularly strong at 5.2% over Q2
    In Q1 2018 the average monthly rent in Dublin was €1,527,                 2017. On the tourism side, expenditure rose 16.2% YoY
a 7.8% increase in the year. Rental growth in the Greater Dublin              with some of the most exciting growth in tourism spend is
Area (GDA) and outside of the GDA have also remained strong,                  coming from the U.S and China”
registering 6.4% and 6.6% YoY growth respectively. Data from
the CSO indicate that 1,214 houses were completed in the                   According to Dublin’s IHS Markit Purchasing Managers’ Index
Dublin region in Q1 2018. With a total 14,420 houses completed             (PMI), output continued to rise sharply in the Dublin private sector
nationally in 2017 the market is still well below the targeted 35,000      during Q2 2018. Andrew Harker, Associate Director at IHS Markit,
completions required annually to meet demand.                              notes:
    Passenger numbers on Dublin’s four public transport systems and at        “The Dublin private sector continued to perform strongly
Dublin Airport have dipped slightly in Q2 2018. Passenger arrivals at         midway through the year, with output growth ticking up
Dublin airport dipped 0.07% in the month to March 2018, although              from that seen in the opening quarter. This improvement
they rose 16,500 YoY. On Dublin’s public transport, passenger numbers         was partly due to a marked rebound in the manufacturing
are also down marginally in the quarter by 0.2%, although they are up         sector, which saw growth recover from the weather-
4.6% YoY. It is too early to say whether this represents a change in the      effected slowdown in Q1. With new order inflows and
long-running upward trend in both indicators.                                 hiring continuing apace, the Dublin economy is in a
    According to KBC/ESRI, consumer sentiment in Dublin                       good position heading into the second half of 2018.
remains in positive territory in Q2 2018 compared to one year ago.            Data suggest that strength in the Irish economy is not
However there has been a broad-based downturn in confidence                   restricted to the capital, with rates of growth in output,
relative to Q1 2018. Austin Hughes, Chief Economist at KBC Bank               new orders and employment in the Rest of Ireland only
Ireland, explains:                                                            marginally weaker than recorded in Dublin.”

4 //
Dublin Economic Monitor - EY
DUBLIN ECONOMIC INDICATORS

    DUBLIN
    ECONOMIC
    INDICATORS

highest quarterly increase in                                                      dublin & national unemployment rate % (sa)
employment in 10 years                                                           18%
                                                                                                                                                                                         National Max 15.9%
                                                                                 16%
                                                                       q1 ' 18
                                                                                                                                                                                         Dublin Max 14.2%
 dublin unemployment (sa)                                               5.7%     14%

 year on year change % points (sa)                                       -1.0    12%
 dublin employment '000s (sa)                                          685.4     10%
 year on year change '000s (sa)                                        +34.5
                                                                                 8%
source: cso labour force survey (lfs). dublin seasonally adjusted by ey-dkm.

                                                                                 6%
Dublin registered a boost in employment levels in Q1 2018.
QoQ the number of people employed rose by 13,200, the                            4%

strongest quarterly increase in the last 10 years. In the past                   2%

year 34,500 additional people became employed bringing the                       0%
total number employed to 685,400 – the highest in 10 years.
                                                                                       Q1 09

                                                                                                Q3 09

                                                                                                        Q1 10

                                                                                                                Q3 10

                                                                                                                        Q1 11

                                                                                                                                Q3 11

                                                                                                                                        Q1 12

                                                                                                                                                Q3 12

                                                                                                                                                        Q1 13

                                                                                                                                                                Q3 13

                                                                                                                                                                         Q1 14

                                                                                                                                                                                 Q3 14

                                                                                                                                                                                         Q1 15

                                                                                                                                                                                                 Q3 15

                                                                                                                                                                                                         Q1 16

                                                                                                                                                                                                                 Q3 16

                                                                                                                                                                                                                         Q1 17

                                                                                                                                                                                                                                  Q3 17

                                                                                                                                                                                                                                          Q1 18
Unemployment has also declined in the past three months with
the rate in Dublin falling to 5.7% in Q1 2018 while the rate                                                                            Dublin                              National

nationally is only marginally higher at 5.8%.
                                                                                         source: cso lfs. dublin seasonally adjusted by EY-DKM

construction sector returns to                                                                          employment by broad sector '000s (sa)
the fore in employment growth                                                    800
                                                                                                                                                                                                                                  Max:
                                                                                                                                                                                                                                 679,400
                                                                      q1 ' 18    700

 services employment '000s (sa)                                       434.9
                                                                                 600
 year on year change '000s (sa)                                       +23.0
 industry & constr, employment '000s (sa)                              78.5      500

 year on year change '000s (sa)                                         -1.0     400
source: cso lfs, seasonally adjusted by EY-DKM.

                                                                                 300
Public sector employment in the Capital registered 7.8% YoY
growth in Q1 2018, with private sector growth slightly more                      200

subdued in the same period at 5.6%. Following similarly strong
                                                                                 100
growth at the end of 2017, construction grew by 4,700 or
16.7% while Industry continues to act as a drag with a YoY                         0
                                                                                               Q1 09       Q1 10          Q1 11         Q1 12           Q1 13           Q1 14       Q1 15          Q1 16         Q1 17           Q1 18
decline of 11.2% in the year. Across the broad sectors of Public
                                                                                                Private Sector Services                             Public sector                        Industry                  Construction
Sector, Industry and Construction employment rose by 35,300
YoY, equivalent to 5.5% annual growth.
                                                                                         source: cso lfs seasonally adjusted
                                                                                         note: individual sector values may not sum to total due to rounding

                                                                                                                                                                                                                                    // 5
Dublin Economic Monitor - EY
DUBLIN ECONOMIC INDICATORS
property prices exceed                                                                   residential property price index (2005 = 100)
2009 levels                                                                      110
                                                                                                                                                                                                             Dublin Max 104.6
                                                                    may ' 18     100
 property price index dublin                                          104.6
 year on year % change                                                +10.7       90

 property price index national excl dublin                             96.3
                                                                                  80
 year on year % change                                                 +14.1
source: cso.
note: this index includes both cash- and mortgage-based transactions.             70

Dublin’s residential property prices continue to register double                  60

digit YoY growth in May 2018. The property price index in
                                                                                  50
Dublin now stands at 104.6, a 10.7% increase on the level
recorded in 12 months previously. While the rate of YoY                           40
growth has moderated compared to April prices (up 13.7%

                                                                                        May 09

                                                                                                           May 10

                                                                                                                              May 11

                                                                                                                                                 May 12

                                                                                                                                                                      May 13

                                                                                                                                                                                         May 14

                                                                                                                                                                                                             May 15

                                                                                                                                                                                                                                   May 16

                                                                                                                                                                                                                                                        May 17

                                                                                                                                                                                                                                                                            May 18
                                                                                                 Nov 09

                                                                                                                    Nov 10

                                                                                                                                       Nov 11

                                                                                                                                                           Nov 12

                                                                                                                                                                                Nov 13

                                                                                                                                                                                                    Nov 14

                                                                                                                                                                                                                        Nov 15

                                                                                                                                                                                                                                             Nov 16

                                                                                                                                                                                                                                                                   Nov 17
YoY) it does little to alleviate the pressures in the housing
market. Nationally (excl. Dublin) there was 14.1% YoY growth                                                                              Dublin                                         National excl. Dublin

in prices in May 2018.                                                                    source: cso.

average dublin rents just shy                                                                                                                   residential rents € per month
of €1,530 in q1 2018                                                           €1,550
                                                                                                                                                                      Dublin Max: €1,527

                                                                               €1,450
                                                                    q1 ' 18
                                                                               €1,350
 dublin avg residential rent € per month                             1,527
                                                                               €1,250
 year on year change €                                                 +111
source: rtb.                                                                   €1,150

                                                                               €1,050
Residential rents in Dublin show no signs of abating as YoY
                                                                                €950
growth of 7.8% was recorded in Q1 2018. On a quarterly basis
                                                                                €850
rents have declined marginally in the Greater Dublin Area
(GDA) by 0.7% but when compared to 12 months previous,                          €750

rents have increased by 6.4% YoY. While growth rates beyond                     €650

the GDA have tapered slightly since Q4 2017, YoY growth                         €550
                                                                                        Q3 09

                                                                                                 Q1 10

                                                                                                           Q3 10

                                                                                                                     Q1 11

                                                                                                                               Q3 11

                                                                                                                                         Q1 12

                                                                                                                                                   Q3 12

                                                                                                                                                              Q1 13

                                                                                                                                                                            Q3 13

                                                                                                                                                                                    Q1 14

                                                                                                                                                                                              Q3 14

                                                                                                                                                                                                         Q1 15

                                                                                                                                                                                                                      Q3 15

                                                                                                                                                                                                                                 Q1 16

                                                                                                                                                                                                                                            Q3 16

                                                                                                                                                                                                                                                       Q1 17

                                                                                                                                                                                                                                                                  Q3 17

                                                                                                                                                                                                                                                                            Q1 18
rates of 6.6% and average rents of close to €800 per annum
were recorded in Q1 2018.
                                                                                                          Dublin                            Greater Dublin Area (excl. Dublin)                                                              Outside GDA

                                                                                         source: rtb. note: gda (ex dublin) is kildare, meath and wicklow.

housing completions                                                            dublin housing commencements & completions
up 15% yoy in q1 2018                                                          2,400
                                                                                                                                                                            Commencements Max: 2,196
                                                                               2,200
                                                                    q1 ' 18
                                                                               2,000
 total house commencements                                           1,433                                                              Completions Max: 1,758
                                                                               1,800
 year on year change                                                   -32
                                                                               1,600
 total house completions                                             1,214
                                                                               1,400
 year on year change                                                    161
                                                                               1,200
source: cso. note: data is not seasonally adjusted
                                                                               1,000
New housing completions data from the CSO indicates that                         800
1,214 houses were completed in Dublin in Q1 2018, an                             600
increase of 161 completions, or 15.3%, on Q1 2017, and                           400
represents the 11th quarter in a row of positive YoY growth in                   200
housing completions. Over that period, since Q3 2015, a total                      0
of 3,900 houses have been completed in Dublin. The level of
                                                                                        Q1 11

                                                                                                   Q3 11

                                                                                                                Q1 12

                                                                                                                             Q3 12

                                                                                                                                        Q1 13

                                                                                                                                                    Q3 13

                                                                                                                                                                    Q1 14

                                                                                                                                                                                Q3 14

                                                                                                                                                                                            Q1 15

                                                                                                                                                                                                         Q3 15

                                                                                                                                                                                                                       Q1 16

                                                                                                                                                                                                                                    Q3 16

                                                                                                                                                                                                                                                    Q1 17

                                                                                                                                                                                                                                                                 Q3 17

                                                                                                                                                                                                                                                                            Q1 18

commencements remain volatile, down 2.2% YoY and 12.6%
QoQ and stands at 1,433 in Q1 2018.                                                                                                    Completions                                            Commencements

                                                                                          source: cso.

6 //
Dublin Economic Monitor - EY
DUBLIN ECONOMIC INDICATORS

office rents unchanged                                                                              dublin office rents index (2006 = 100)
in q2 2018                                                           130
                                                                                                                                         City Centre Max = 118.2
                                                                     120
                                                         q2 '18                                                                       South Suburbs Max = 114

 city centre office rent index                            118.2      110

 year on year % change                                     +4.0      100
 south suburbS office rent index                          114.0
                                                                      90
 year on year % change                                     +3.6
source: CBRE                                                          80

                                                                      70
Office rents in Dublin’s city centre and south suburbs stabilised
in Q2 2018 with rents in both districts remaining unchanged           60

QoQ. YoY growth rates also remain unchanged with city centre          50
rents increasing a further 4% and rents in the south suburbs
                                                                      40
increasing by 3.6% in the 12 months since Q2 2017. Average

                                                                           Q2 08
                                                                                   Q4 08
                                                                                           Q2 09
                                                                                                    Q4 09
                                                                                                             Q2 10
                                                                                                                     Q4 10
                                                                                                                             Q2 11
                                                                                                                                     Q4 11
                                                                                                                                             Q2 12
                                                                                                                                                      Q4 12
                                                                                                                                                              Q2 13
                                                                                                                                                                      Q4 13
                                                                                                                                                                              Q2 14
                                                                                                                                                                                      Q4 14
                                                                                                                                                                                               Q2 15
                                                                                                                                                                                                        Q4 15
                                                                                                                                                                                                                Q2 16
                                                                                                                                                                                                                        Q4 16
                                                                                                                                                                                                                                Q2 17
                                                                                                                                                                                                                                        Q4 17
                                                                                                                                                                                                                                                 Q2 18
rents in both areas are now approximately 4% higher than they
were 10 years ago in Q2 2008.                                                                                                 City Centre                                 South Suburbs

                                                                             source: cbre.

vacancies in dublin's suburbs                                                                       dublin office space vacancy rates %
continue to decline yoy                                              30%
                                                                                      Dublin Suburbs Max = 25%

                                                          q2 '18     25%
                                                                                                                                             Dublin 2/4 Max = 20.6%

 vacancy rate % dublin 2/4                                  5.5
 year on year change % points                              +0.5      20%
 vacancy rate % dublin suburbs                               8.6
 year on year change % points                               -1.1     15%
source: cbre.

                                                                     10%
After declining in Q1 2018, overall office vacancy in Dublin
increased very slightly in Q2 2018 to 6.2% from 5.9% last            5%
quarter. In Dublin 2/4 the vacancy rate has increased on both
a quarterly and annual basis, at 0.3% and 0.5% respectively.         0%
                                                                           Q2 09

                                                                                   Q4 09

                                                                                            Q2 10

                                                                                                     Q4 10

                                                                                                               Q2 11

                                                                                                                        Q4 11

                                                                                                                                 Q2 12

                                                                                                                                         Q4 12

                                                                                                                                                     Q2 13

                                                                                                                                                              Q4 13

                                                                                                                                                                      Q2 14

                                                                                                                                                                              Q4 14

                                                                                                                                                                                       Q2 15

                                                                                                                                                                                                Q4 15

                                                                                                                                                                                                          Q2 16

                                                                                                                                                                                                                   Q4 16

                                                                                                                                                                                                                            Q2 17

                                                                                                                                                                                                                                    Q4 17

                                                                                                                                                                                                                                                Q2 18
Similarly the vacancy rate in Dublin’s suburbs rose 0.7% QoQ
in Q2 2018 although a decline of 1.1% was recorded over the
year from Q2 2017. The public sector accounted for 36% of                                                                    Dublin 2/4                               Dublin Suburbs

suburban take-up in Q2.                                                       source: cbre.

public transport passenger                                                                                   public transport million trips (sa)
numbers remain stable in q1 2018                                      60

                                                            q1 '18
                                                                      50
 public transport million trips (sa)                         53.9
 year on year change million trips (sa)                      +2.4
                                                                      40
source: nta seasonally adjusted by EY-DKM.

Total passenger trips in Dublin fell marginally in Q1 2018 by         30
0.2%, the first QoQ decline since Q2 2016. While passenger
numbers using Bus Éireann and Dublin Bus were down                    20
slightly in the quarter, the greatest increase in trips occurred
on the LUAS which saw a 3.8% QoQ increase in Q1 2018,                 10
the first quarter in which the LUAS cross-city was fully
operational. A total 53.9 million passengers used Dublin’s             0
four main transport systems in Q2 2018, up 4.6% YoY.                          Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18

                                                                                           Bus Éireann                                   Dublin Bus                              Irish Rail                                     Luas

                                                                             source: nta. seasonally adjusted by ey-dkm
                                                                             note: this series has been re-calibrated since the last issue

                                                                                                                                                                                                                                         // 7
Dublin Economic Monitor - EY
DUBLIN ECONOMIC INDICATORS
passenger arrivals at dublin airport                                                                                                 dublin airport arrivals '000s (sa)
up in the year to march 2018         1,350
                                                                                                                                                                                                              Max: 1,251
                                                                 mar '18     1,250

 total arrivals '000s (SA)                                        1,217.4    1,150
 year on year change '000s (sa)                                     +16.5
                                                                             1,050
source: cso, seasonally adjusted by ey-dkm.
note: this series has been re-calibrated since the last issue
                                                                              950
Passenger arrivals at Dublin Airport dipped slightly in March
                                                                              850
2018 with 1.217 million (SA) passengers compared to
February figures of 1.218 million, representing a decline of                  750

0.07% in the month. Despite the marginal decline recorded                     650
                                                                                                                                Severe Winter Weather

in the month, there was an increase of 16,500 passengers                                                               Icelandic Ash Cloud

                                                                              550
compared to March 2017. Passenger numbers may be given a

                                                                                     Nov 08

                                                                                                Jul 09

                                                                                                              Mar 10

                                                                                                                           Nov 10

                                                                                                                                      Jul 11

                                                                                                                                                   Mar 12

                                                                                                                                                                 Nov 12

                                                                                                                                                                            Jul 13

                                                                                                                                                                                       Mar 14

                                                                                                                                                                                                     Nov 14

                                                                                                                                                                                                                  Jul 15

                                                                                                                                                                                                                             Mar 16

                                                                                                                                                                                                                                          Nov 16

                                                                                                                                                                                                                                                        Jul 17

                                                                                                                                                                                                                                                                   Mar 18
boost in the second half of the year with the introduction of
Dublin’s first direct services to Beijing and Hong Kong in June
2018.                                                                                  source: cso. seasonally adjusted by EY-DKM.
                                                                                       Note: this series has been re-calibrated since the last issue.

record throughput at dublin                                                                   dublin port tonnage million tonnes (sa)
port in q2 2018                                                               10.0
                                                                                                                                                                                              Max: 9.6 million tonnes
                                                                               9.5
                                                                   q2 ' 18
 dublin port exports million tonnes (sa)                            3.94       9.0

 yoy change million tonnes (sa)                                     0.28       8.5
 dublin port imports million tonnes (sa)                             5.66
                                                                               8.0
 yoy change million tonnes (sa)                                     0.34
                                                                               7.5
Source: Dublin Port. Seasonally Adjusted by EY-DKM.
Note: imports and exports may not add to total throughput due to seasonal
adjustment and rounding.                                                       7.0

                                                                               6.5
Total cargo handled at Dublin Port exceeded 9.6 million tonnes                                                                 Min: 6.4 million tonnes

(seasonally adjusted) in Q2 2018 for the first time in the 10                  6.0

year period analysed. Just over 9.6 million tonnes of cargo was                5.5
handled in the port in Q2 2018, equivalent to a 7.0% YoY
                                                                                     Q2 09

                                                                                              Q4 09

                                                                                                         Q2 10

                                                                                                                  Q4 10

                                                                                                                            Q2 11

                                                                                                                                     Q4 11

                                                                                                                                               Q2 12

                                                                                                                                                        Q4 12

                                                                                                                                                                   Q2 13

                                                                                                                                                                            Q4 13

                                                                                                                                                                                     Q2 14

                                                                                                                                                                                                Q4 14

                                                                                                                                                                                                         Q2 15

                                                                                                                                                                                                                   Q4 15

                                                                                                                                                                                                                            Q2 16

                                                                                                                                                                                                                                      Q4 16

                                                                                                                                                                                                                                               Q2 17

                                                                                                                                                                                                                                                          Q4 17

                                                                                                                                                                                                                                                                   Q2 18
increase. The level of imports and exports through the Port
continues on a positive trend with YoY growth of 6.4% and                              source: dublin port. seasonally adjusted by ey-dkm.
7.8% respectively.                                                                     note: this series has been re-calibrated since the last issue.

dublin hotel rates surpass                                                                                 dublin hotel average daily rates (sa)
2015 peak levels                                                             €150
                                                                                                                                                                                                Maximum: €145
                                                                 jun ' 18
                                                                             €140
 hotel occupancy rate % (sa)                                       83.5%
 year on year change %age point                                      +0.3
                                                                             €130
 index of hotel room supply (sa, july 2013=100)                     105.5
 year on year change %                                               1.3%
                                                                             €120
source: str global. seasonally adjusted by ey-dkm.
note: this series has been re-calibrated since the last issue.

                                                                             €110
Average Daily Rates (ADR) for hotel accommodation in Dublin
reached a new high in May 2018 at €145, a 9.5% YoY increase
                                                                             €100
and the strongest YoY increase in ADR since December 2016.
The daily rate has remained unchanged in June 2018. A 41%
                                                                              €90
increase in ADR over the past three years is likely linked to
                                                                                              Aug 15

                                                                                                                  Dec 15

                                                                                                                            Feb 16

                                                                                                                                                        Aug 16

                                                                                                                                                                            Dec 16

                                                                                                                                                                                     Feb 17

                                                                                                                                                                                                                   Aug 17

                                                                                                                                                                                                                                      Dec 17

                                                                                                                                                                                                                                               Feb 18
                                                                                     Jun 15

                                                                                                         Oct 15

                                                                                                                                     Apr 16

                                                                                                                                               Jun 16

                                                                                                                                                                   Oct 16

                                                                                                                                                                                                Apr 17

                                                                                                                                                                                                         Jun 17

                                                                                                                                                                                                                            Oct 17

                                                                                                                                                                                                                                                          Apr 18

                                                                                                                                                                                                                                                                   Jun 18

modest growth in room supply which increased by 6.3% in the
same period. Fáilte Ireland indicate that approximately 5,400                          source: str. seasonally adjusted by EY-DKM.
Dublin hotel rooms are in the pipeline out to 2020.                                    note: this series has been re-calibrated since the last issue.

8 //
Dublin Economic Monitor - EY
A u g u st 2 0 1 8

DUBLIN
Mastercard SpendingPulse
                                                         TM

Dublin Mastercard SpendingPulse Delivering Unique
Insights for Consumer and Tourism Spend.

              KEY HIGHLIGHTS YEAR-ON-YEAR Q2 2018*

                           +5.2%
                            OVERALL
                                                                  +16.2%
                                                                    OVERSEAS
                             SALES                                TOURISM SPEND

                +7.6%              +7.0%               +9.1%                 +6.4%
             NECESSITIES     DISCRETIONARY      HOUSEHOLD GOODS        ENTERTAINMENT

                                                                   *RETAIL SALES VALUE (SA)

                                             +11.9%
                                         ECOMMERCE
Dublin Economic Monitor - EY
TM
DUBLIN Mastercard SpendingPulse                        | August 2018

TOTAL RETAIL SPEND IN DUBLIN
OUTPERFORMS THOSE NATIONALLY
                                                             TOTAL RETAIL SALES INDEX (SA)
                                                                                                                                                                 117
       120                                                                                                                                                       +5.2%
                                                                                                                                                                  YoY

       115

                                                                                                                                                                         115
       110                                                                                                                                                           +4.5%
                                                                                                                                                                      YoY

       105

       100

         95
              Q1 14

                      Q2 14

                                Q3 14

                                        Q4 14

                                                     Q1 15

                                                             Q2 15

                                                                     Q3 15

                                                                               Q4 15

                                                                                          Q1 16

                                                                                                  Q2 16

                                                                                                          Q3 16

                                                                                                                  Q4 16

                                                                                                                          Q1 17

                                                                                                                                     Q2 17

                                                                                                                                             Q3 17

                                                                                                                                                      Q4 17

                                                                                                                                                                 Q1 18

                                                                                                                                                                           Q2 18
                                                                             DUBLIN                    IRELAND

Consumer spending in the Dublin economy registered in excess
of 5% YoY growth in the first two quarters of 2018. Overall
expenditure increased by 5.2% YoY and by 1.3% QoQ in Q2                                               Overall the retail environment in Ireland remains
2018. Total sales in Dublin are now 17.1% higher than Q1                                            solid with 4.5% growth for retail sales across the
2014 levels, reflecting a strong upward trend in a strengthening
                                                                                                       country. Dublin‘s performance was particularly
Dublin Economy.
                                                                                                      strong at a 5.2% increase over Q2 2017. On the
Nationally (including Dublin), growth in total sales were not as                                    tourism side, some of the most exciting growth in
strong as in Dublin but continue to maintain a strong upward                                         tourism spend is coming from the U.S and China.
trend in Q2 2018 with YoY growth of 4.5%. On a quarterly                                            The only area of struggling growth is from the UK,
basis, expenditure nationally (including Dublin) registered                                                with negative growth continuing into 2018.
growth of 1.2%. At both a national and Dublin level, both YoY
and QoQ growth rates in Q2 2018 were at their strongest levels                                                                                                Michael McNamara
since the series began in Q1 2014.                                                                                                GLOBAL HEAD OF SPENDING PULSE, MASTERCARD

                                                DUBLIN RETAIL SALES VALUE INDEX (SA)

                  +5.19%      Q2 2018
                                                                                117.1  100 = Q1 2014
                                                                                                                                      +1.3%     QOQ

                   YOY GROWTH                                                  DUBLIN SALES                                        QOQ GROWTH
              IN DUBLIN SALES INDEX                                             INDEX VALUE                                   IN DUBLIN SALES INDEX

  METHODOLOGY
  A macro-economic indicator, SpendingPulse™ reports on national and Dublin retail sales and is based on aggregate sales activity in the Mastercard
  payments network, coupled with estimates for all other payment forms, including cash and cheque. This information has been grossed up to present
  an estimate of the total retail sales of retail businesses in Ireland and Dublin to both residents and tourists. Data is seasonally adjusted but is not
  adjusted for inflation. Mastercard SpendingPulse™ does not represent Mastercard financial performance. SpendingPulse™ is provided by Mastercard
  Advisors, the professional services arm of Mastercard International Incorporated. See www.dublineconomy.ie for more info on methodology.

                                                                                             2
TM
                                                                                                                                                                                 DUBLIN Mastercard SpendingPulse                                                                             | August 2018

                                      METHOD: ECOMMERCE                                                                                                              SPENDINGPULSE:
180

170
                                                                                                                           171
                                                                                                                         +11.9%
                                                                                                                                                               SELECTED SUB-SECTORS
                                                                                                                          YoY
160                                                                                                                                                           Dublin Consumer Spending in Q2 2018 was positively influenced
150                                                                                                                                                           by growth in each of the four main sectors covered in the
                                                                                                                                                              Mastercard SpendingPulse. Each category of spending registered
140
                                                                                                                                   154                        in excess of 5% YoY growth in the quarter. Expenditure via
                                                                                                                                   +14.1%
130
                                                                                                                                    YoY                       eCommerce increased by 11.9% YoY, the lowest YoY increase
120                                                                                                                                                           since Q1 2017.
110
                                                                                                                                                              Growth in the sale of household goods was particularly high
100                                                                                                                                                           at 9.0% nationally (including Dublin) and 9.1% in Dublin,
 90                                                                                                                                                           signifying continued confidence and willingness by consumers
      Q1 14

              Q2 14

                      Q3 14

                              Q4 14

                                      Q1 15

                                              Q2 15

                                                      Q3 15

                                                              Q4 15

                                                                      Q1 16

                                                                              Q2 16

                                                                                      Q3 16

                                                                                               Q4 16

                                                                                                       Q1 17

                                                                                                               Q2 17

                                                                                                                       Q3 17

                                                                                                                               Q4 17

                                                                                                                                        Q1 18

                                                                                                                                                 Q2 18
                                                                                                                                                              to spend on significant household items. Nationally, retail sales
                                                                                                                                                              via eCommerce were equally strong at 14.1% however the
                                                IRELAND                                       DUBLIN                                                          overall level continues to be eclipsed by that observed in Dublin.
Non store Retailers including Electronic Shopping and Mail-Order Houses,
Direct Selling Establishments.

                RETAIL CATEGORY: DISCRETIONARY                                                                                                                                         RETAIL CATEGORY: NECESSITIES
125                                                                                                                                                              125
                                                                                                                               120                                                                                                                                                                   120
                                                                                                                               +7.0%                                                                                                                                                                  +7.6%
120                                                                                                                             YoY                              120                                                                                                                                   YoY

115                                                                                                                                                              115

                                                                                                                                        116
110                                                                                                                                     +3.4%                    110
                                                                                                                                         YoY
                                                                                                                                                                                                                                                                                                          112
105                                                                                                                                                              105                                                                                                                                     +2.5%
                                                                                                                                                                                                                                                                                                          YoY

100                                                                                                                                                              100

 95                                                                                                                                                               95
                                                                                                                                                                       Q1 14

                                                                                                                                                                               Q2 14

                                                                                                                                                                                       Q3 14

                                                                                                                                                                                               Q4 14

                                                                                                                                                                                                       Q1 15

                                                                                                                                                                                                               Q2 15

                                                                                                                                                                                                                       Q3 15

                                                                                                                                                                                                                               Q4 15

                                                                                                                                                                                                                                        Q1 16

                                                                                                                                                                                                                                                 Q2 16

                                                                                                                                                                                                                                                          Q3 16

                                                                                                                                                                                                                                                                   Q4 16

                                                                                                                                                                                                                                                                            Q1 17

                                                                                                                                                                                                                                                                                     Q2 17

                                                                                                                                                                                                                                                                                              Q3 17

                                                                                                                                                                                                                                                                                                       Q4 17

                                                                                                                                                                                                                                                                                                                Q1 18

                                                                                                                                                                                                                                                                                                                         Q2 18
      Q1 14

              Q2 14

                      Q3 14

                              Q4 14

                                      Q1 15

                                              Q2 15

                                                      Q3 15

                                                              Q4 15

                                                                      Q1 16

                                                                              Q2 16

                                                                                      Q3 16

                                                                                               Q4 16

                                                                                                       Q1 17

                                                                                                               Q2 17

                                                                                                                       Q3 17

                                                                                                                                Q4 17

                                                                                                                                         Q1 18

                                                                                                                                                  Q2 18

                                               IRELAND                                    DUBLIN                                                                                                                IRELAND                                      DUBLIN

Discretionary Retail: Department Stores and Clothing Stores.                                                                                                    Grocery: all food and beverage stores.

              RETAIL CATEGORY: ENTERTAINMENT                                                                                                                               RETAIL CATEGORY: HOUSEHOLD GOODS
140                                                                                                                      137                                    160
                                                                                                                                                                                                                                                                                                      149
                                                                                                                         +6.4%
                                                                                                                          YoY                                                                                                                                                                         +9.1%
                                                                                                                                                                150                                                                                                                                    YoY
130
                                                                                                                                                                140

                                                                                                                                        128
120
                                                                                                                                        +3.2%
                                                                                                                                          YoY
                                                                                                                                                                130
                                                                                                                                                                                                                                                                                                               142
                                                                                                                                                                                                                                                                                                               +9.0%
                                                                                                                                                                                                                                                                                                                YoY
                                                                                                                                                                120
110

                                                                                                                                                                110

100
                                                                                                                                                                100

 90                                                                                                                                                               90
                                                                                                                                                                       Q1 14

                                                                                                                                                                               Q2 14

                                                                                                                                                                                       Q3 14

                                                                                                                                                                                               Q4 14

                                                                                                                                                                                                       Q1 15

                                                                                                                                                                                                               Q2 15

                                                                                                                                                                                                                       Q3 15

                                                                                                                                                                                                                               Q4 15

                                                                                                                                                                                                                                       Q1 16

                                                                                                                                                                                                                                                Q2 16

                                                                                                                                                                                                                                                         Q3 16

                                                                                                                                                                                                                                                                  Q4 16

                                                                                                                                                                                                                                                                           Q1 17

                                                                                                                                                                                                                                                                                    Q2 17

                                                                                                                                                                                                                                                                                             Q3 17

                                                                                                                                                                                                                                                                                                      Q4 17

                                                                                                                                                                                                                                                                                                               Q1 18

                                                                                                                                                                                                                                                                                                                        Q2 18
      Q1 14

              Q2 14

                      Q3 14

                              Q4 14

                                      Q1 15

                                              Q2 15

                                                      Q3 15

                                                              Q4 15

                                                                      Q1 16

                                                                              Q2 16

                                                                                      Q3 16

                                                                                               Q4 16

                                                                                                       Q1 17

                                                                                                               Q2 17

                                                                                                                       Q3 17

                                                                                                                               Q4 17

                                                                                                                                        Q1 18

                                                                                                                                                 Q2 18

                                               IRELAND                                    DUBLIN                                                                                                                IRELAND                                      DUBLIN

Hotels, restaurants and bars.                                                                                                                                   Household furniture, electronics and hardware.

                                                                                                                                                          3
TM
DUBLIN Mastercard SpendingPulse                        | August 2018

TOURISM RETAIL SPEND INDEX: US AND FRENCH
MARKETS CONTINUE TO DRIVE GROWTH
Tourist expenditure in the Dublin economy grew by 16.2%                                    Similar trends are observed nationally (including Dublin) though
YoY in Q2 2018. Growth in the quarter was predominantly                                    the rate of decline in spending by UK tourists is lower than that
driven by growth in the US market of 16.8% and 15.2% in                                    recorded in Dublin. Following no growth in Q3 2017, there
the French market (seasonally adjusted) With YoY growth in                                 have been two consecutive quarters of negative YoY growth
the Chinese market of 14.1% this marks the second quarter                                  nationally (including Dublin) in UK tourist spending. Similarly, on
of positive growth YoY growth following seven consecutive                                  a quarterly basis, the rate of expenditure by UK tourists has been
quarters of negative YoY growth. Meanwhile, the UK market is                               on the decline since Q3 2017.
the only market of the five included in the analysis that recorded
a negative YoY growth rate in Q2 2018. This represents the                                 Overall, growth of 11% YoY in tourist spending was recorded
fifth quarter in a row where negative YoY growth has been                                  nationally (including Dublin) in Q2 2018, slightly lower than
recorded. Notably, the rate of decline is also increasing, both                            in Dublin. The US and French markets are the key drivers of
YoY and QoQ. For example, in Q2 2018 spending by UK tourists                               this growth, growing at 15.5% and 18.4% respectively. Both
fell 4.7% YoY and 1.6% QoQ compared to Q2 2017 when                                        the German and Chinese markets continue to perform well
spending dropped 0.6% both YoY and QoQ. This is in spite of                                with two consecutive quarters of double digit YoY growth. In
a recovery the number of UK tourists traveling to Ireland in the                           the Chinese market tourism spending grew 4.4% QoQ in Q2
year to May 2018, up approximately 7% (Fáilte Ireland).                                    2018 representing a slowdown from the 10.1% QoQ growth
                                                                                           recorded in Q1 2018.

                               DUBLIN AND IRELAND TOURIST SPEND BY ORIGIN - Q2 2018 (SA)

                         OVERALL

         +11.0% +16.2%
             YOY OVERALL              YOY OVERALL
                                                                     -1.3% -4.7%
                                                                      YOY CHANGE           YOY CHANGE
                                                                                                                         +15.5% +16.8%
                                                                                                                           YOY CHANGE                 YOY CHANGE
         INCREASE IN TOURSIM      INCREASE IN TOURSIM                IN SPENDING IN       IN SPENDING IN                  IN SPENDING IN             IN SPENDING IN
           SPEND IN IRELAND         SPEND IN DUBLIN
                                                                         IRELAND              DUBLIN                          IRELAND                    DUBLIN

         +15.3% +4.8%
           YOY CHANGE               YOY CHANGE
                                                                   +18.4% +15.2%
                                                                      YOY CHANGE           YOY CHANGE
                                                                                                                          +12.6% +14.1%
                                                                                                                            YOY CHANGE                YOY CHANGE
          IN SPENDING IN           IN SPENDING IN                    IN SPENDING IN       IN SPENDING IN                   IN SPENDING IN            IN SPENDING IN
              IRELAND                  DUBLIN                            IRELAND              DUBLIN                           IRELAND                   DUBLIN

   IRELAND TOURISM SPEND SALES INDEX (SA)                                                        DUBLIN TOURISM SPEND SALES INDEX (SA)
                                  Q1 2014 = 100                                                                                Q1 2014 = 100
   200                                                                                          200

   190                                                                                          190

   180                                                                                          180
                                                                                                                 171.0
   170            158.2                                                                         170

   160                                                                                          160

   150                                                                                          150

   140                                                                                          140

   130                                                                                          130

   120                                                                                          120

   110                                                                                          110

   100                                                                                          100
            All          UK        USA       Germany        France     China                               All       UK          USA       Germany      France        China

                        Q2 2015                          Q2 2016                                                     Q2 2015                     Q2 2016

                        Q2 2017                          Q2 2018                                                     Q2 2017                     Q2 2018

                                                                                      4
DUBLIN’S INTERNATIONAL RANKINGS

   MIXED PERFORMANCE
   IN DUBLIN'S RANKINGS

Internationally published benchmarks                     Dublin meanwhile is ranked 6th for                          global ranking of EMBA programmes, a 15
are a useful means of measuring a city’s                 commercial real estate investment in Savills                place improvement over the 2017 ranking.
performance relative to its peers, and recent            2018 ‘Dynamic Cities’ index. The index,                     UCD’s Michael Smurfit Graduate School of
indicators for Dublin confirm the city’s                 which ranks 130 European cities across                      Business is the only other Irish programme
strong showing across a range of dimensions              categories of infrastructure, inspiration,                  listed, in 59th position.
(see table below).                                       inclusion, interconnection, investment                          Despite this, the annual QS World
    In Mercer’s 24th annual Cost of Living               and innovation, cited Dublin’s continuing                   University Ranking for 2018 no longer has an
Survey Dublin has moved up 34 places to                  emergence as a financial hub as the key reason              Irish university in the Top 100 ranking. Trinity
from 66th to 32nd position, overtaking Paris             for the observed improvement from its 7th                   College – previously the only university in the
to make it the most expensive city in the                position ranking in 2017.                                   country in the Top 100 – has slipped to 104th
Eurozone to live in for expatriate employees.               Dublin’s ranking in the IESE Cities in                   position from 88th, based on indicators such
Mercer Ireland Consultant, Noel O’Connor                 Motion Index 2018 remains unchanged in                      as staff-to-student ratio, academic reputation
commented:                                               30th position. The city ranks high in terms of              and employer reputation.
    “The survey identifies cost pressures                the economy and technology but aspects such                     Ireland has fallen six places in the 2018
    on expatriate rental accommodation                   as mobility and transportation act as a drag on             IMD World Competitiveness Ranking,
    in Dublin as the key driver of this                  the overall ranking. New York, London and                   leaving it now outside the Top 10. The
    [increase] and this in turn reflects the             Paris take the top three positions, respectively.           ranking captures how competitive a country
    growth of the economy with continuing                   Trinity College Dublin’s Executive MBA                   is based on indicators such as employment,
    high levels of foreign direct investment.”           (EMBA) is listed 44th in The Economist’s                    trade and business perception.

                                        d u b l i n ' s l at e s t i n t e r n at i o n a l r a n k i n g s
                            SOURCE                                                 BENCHMARK CRITERIA                             YEAR      RANKING      CHANGE‡
                                                                     Infrastructure, inclusion, interconnection,
 Savills ‘Dynamic Cities’ Ranking
                                                                     investment and innovation
                                                                                                                                  2018           6          ▲
                                                                     Personal development, educational experience
 The Economist Executive MBA Ranking
                                                                     and career development
                                                                                                                                  2018         44*          ▲
  fDi Intelligence Reinvesting Ranking 2018                           Attracting expansion and co-location projects               2018           4            -
                                                                     Governance, urban planning, technology,
                                                                     the environment, international outreach,
 IESE Cities in Motion Index
                                                                     social cohesion, human capital, mobility and
                                                                                                                                  2018          30            -
                                                                     transportation, and economy
                                                                     Regulatory, market and business/labour
                                                                     landscape, external and internal openness,
 Global Talent Competitiveness Index
                                                                     education and access to growth opportunities
                                                                                                                                  2018           7            -
                                                                     and, sustainability and lifestyle
 IMD World Competitiveness Yearbook Rankings                         Economic performance, government efficiency,
 (Ireland)                                                           business efficiency & infrastructure
                                                                                                                                  2018          12          ▼
 Mercer 2018 Cost of Living Survey                                   Cost of consumer goods and services                          2018          32          ▼
 Mercer 2018 Quality of Living Survey                                Environmental/socio-economic                                 2018          34          -
 QS World University Rankings                                        University quality                                           2018         104*         ▼
                                                                     Growth and development, inclusion,
 World Economic Forum Inclusive Development Index
                                                                     intergenerational equity and sustainability
                                                                                                                                  2018           8          ▲
 The Economist Intelligence Unit Worldwide Cost of                   Price comparison across 160 products and
 Living 2018                                                         services
                                                                                                                                  2018          19          ▼
 fDi Intelligence Global Cities and Regions of the Future Socio-economic indicators                                               2018           2          ▲
                                                                     Business environment, financial sector
 Global Financial Centres Index (GFCI)                               development, infrastructure, human capital,                  2018          31          ▼
                                                                     reputational & general factors; online survey
* tcd. ‡change on previous publication of the relevant benchmark. an upward-pointing arrow denotes an improvement.

                                                                                                                                                                  // 9
KBC / ESRI CONSUMER SENTIMENT INDEX

consumer sentiment slips in q2                                                                                                                      Dublin sentiment overall
                                                                                  Base 2003 = 100
                                                                          180
                                                                                                                                        National excl Dublin Max 167.2
                                                         National                                                                                     Dublin Max 159.8
 consumer sentiment                      dublin       excl. dublin        160

 q2 2018                                     154.2           160.4
                                                                          140
 year on year change                          +3.7             +3.1
 quarter on quarter change                    -3.4            -6.8        120

                                                                          100
YoY, the overall Dublin Consumer Sentiment Index increased by
3.7 index points, rising by 3.1 index points outside of Dublin.
                                                                          80
Although sentiment remains strongly positive, the recent
quarterly fall across regions signals a shake to confidence. Poorer       60
outlooks for the general economy and unemployment combined
with a lesser appetite for major household purchases were the             40

                                                                                Q2 08
                                                                                        Q4 08
                                                                                                Q2 09
                                                                                                        Q4 09
                                                                                                                Q2 10
                                                                                                                        Q4 10
                                                                                                                                Q2 11
                                                                                                                                         Q4 11
                                                                                                                                                 Q2 12
                                                                                                                                                         Q4 12
                                                                                                                                                                 Q2 13
                                                                                                                                                                         Q4 13
                                                                                                                                                                                 Q2 14
                                                                                                                                                                                         Q4 14
                                                                                                                                                                                                 Q2 15
                                                                                                                                                                                                         Q4 15
                                                                                                                                                                                                                 Q2 16
                                                                                                                                                                                                                         Q4 16
                                                                                                                                                                                                                                 Q2 17
                                                                                                                                                                                                                                         Q4 17
                                                                                                                                                                                                                                                 Q2 18
main drivers across both regions. However, while respondents
outside of Dublin reported deteriorations in financial
circumstances, those in Dublin signalled a modest improvement.                                                              Dublin                                   National excl. Dublin

                                                                                                                                             Dublin current conditions
slowdown in current
conditions in q2                                                          140
                                                                                  Base 2003 = 100

                                                                                                                                        National excl Dublin Max 133.9
                                                         National         130
 current conditions                       dublin      excl. dublin                                                                                         Dublin Max 125.2

                                                                          120
 q1 2018                                      114.8           128.1
 year on year change                          +0.6            +0.6        110

 quarter on quarter change                     -3.1            -5.8       100

                                                                           90
The Index of Current Conditions in the Dublin region fell by 3.1
index points QoQ in Q2 2018 relative to outside Dublin falling by          80

5.8 index points. This led to a contraction in the spread between the      70
two regions, though those outside of Dublin generally reflect greater
                                                                           60
levels of satisfaction. Similarly to the overall index, regions outside
of Dublin saw a greater decline due to increased dissatisfaction with      50
                                                                                Q2 08
                                                                                        Q4 08
                                                                                                Q2 09
                                                                                                        Q4 09
                                                                                                                Q2 10
                                                                                                                        Q4 10
                                                                                                                                Q2 11
                                                                                                                                         Q4 11
                                                                                                                                                 Q2 12
                                                                                                                                                         Q4 12
                                                                                                                                                                 Q2 13
                                                                                                                                                                         Q4 13
                                                                                                                                                                                 Q2 14
                                                                                                                                                                                         Q4 14
                                                                                                                                                                                                 Q2 15
                                                                                                                                                                                                         Q4 15
                                                                                                                                                                                                                 Q2 16
                                                                                                                                                                                                                         Q4 16
                                                                                                                                                                                                                                 Q2 17
                                                                                                                                                                                                                                         Q4 17
                                                                                                                                                                                                                                                 Q2 18
current financial situations. On an annual basis, conditions have
only slightly improved in both regions.                                                                                     Dublin                                   National excl. Dublin

q2 consumer expectations                                                                                                                                                 Dublin expectationS
weaken                                                                            Base 2003 = 100
                                                                          230
                                                                                                                                                           Dublin Max 211.1
                                                         National
 consumer expectations                   dublin excl. dublin              210
                                                                                                                                        National excl Dublin Max 200.6
                                                                          190
 q1 2018                                     197.0           191.3
 year on year change                           +7.1          +5.4         170

 quarter on quarter change                    -3.7            -7.8        150

                                                                          130
For Q2 2018, both regions saw lower YoY improvements in
                                                                          110
consumer expectations, with expected gains for the general
                                                                           90
economy fueling Dublin's confidence while expectations of jobs
growth grew outside of Dublin. Between quarters, attitudes                 70

weakened both in terms of expected personal finance and                    50

macroeconomic performance. Dublin experienced moderate                     30
                                                                                Q2 08
                                                                                        Q4 08
                                                                                                Q2 09
                                                                                                        Q4 09
                                                                                                                Q2 10
                                                                                                                        Q4 10
                                                                                                                                Q2 11
                                                                                                                                         Q4 11
                                                                                                                                                 Q2 12
                                                                                                                                                         Q4 12
                                                                                                                                                                 Q2 13
                                                                                                                                                                         Q4 13
                                                                                                                                                                                 Q2 14
                                                                                                                                                                                         Q4 14
                                                                                                                                                                                                 Q2 15
                                                                                                                                                                                                         Q4 15
                                                                                                                                                                                                                 Q2 16
                                                                                                                                                                                                                         Q4 16
                                                                                                                                                                                                                                 Q2 17
                                                                                                                                                                                                                                         Q4 17
                                                                                                                                                                                                                                                 Q2 18

upward revisions to personal finances while reducing expectations
for the wider economy. Outside Dublin, both personal and wider
economic forecasts saw modest downward revisions.                                                                           Dublin                                   National excl. Dublin

   About
   The KBC/ESRI sentiment index is based on responses from consumers about general economic conditions
   and their household finances. A more detailed commentary is available at www.kbc.ie/blog

10 //
DUBLIN IHS MARKIT PMI

dublin output growth                                                                                                                  overall ihs markit pmi (sa)
accelerates in q2                                                        65
                                                                                50 = no change                                                                    increasing rate of growth ▲

                                                       national          60
 overall ihs markit pmi                 dublin      excl. dublin
                                                                         55
 q2 2018                                    58.5             58.3
 year on year change                        -0.9             +1.0        50
 quarter on quarter change                  +0.6             -0.3
                                                                         45

Output continued to rise sharply in the Dublin private sector            40
during the second quarter of 2018, extending the current
sequence of growth to 23 quarters. The Dublin PMI ticked up              35

to 58.5 in Q2 from 58.0 in the opening quarter of the year.              30
The rise in activity in Dublin was broadly in line with that                                                                                             increasing rate of contraction ▼
                                                                         25
recorded across the Rest of Ireland. All three monitored sectors

                                                                              Q2 01

                                                                                      Q2 02

                                                                                              Q2 03

                                                                                                      Q2 04

                                                                                                              Q2 05

                                                                                                                      Q2 06

                                                                                                                              Q2 07

                                                                                                                                      Q2 08

                                                                                                                                              Q2 09

                                                                                                                                                      Q2 10

                                                                                                                                                              Q2 11

                                                                                                                                                                      Q2 12

                                                                                                                                                                              Q2 13

                                                                                                                                                                                      Q2 14

                                                                                                                                                                                              Q2 15

                                                                                                                                                                                                      Q2 16

                                                                                                                                                                                                              Q2 17

                                                                                                                                                                                                                      Q2 18
saw output increase sharply, with growth led by construction.
The manufacturing sector saw the rate of expansion rebound
following weather-related disruption in Q1.                                                                            Dublin                           National excl. Dublin

new orders continue to                                                                                                        overall pmi new orders (sa)
rise sharply                                                             65
                                                                                50 = no change                                                                    increasing rate of growth ▲

                                                       national          60
 new orders                             dublin      excl. dublin
                                                                         55
 q2 2018                                    58.8              58.1
 year on year change                         0.0             +0.4        50
 quarter on quarter change                   -1.2            -0.2
                                                                         45

New orders rose again during Q2, continuing the trend seen               40
since the final three months of 2012. The rate of growth
remained sharp despite easing marginally from the previous               35

month, with the latest increase well above the series average. The       30
Rest of Ireland also saw new business rise at a strong pace in the                                                                                       increasing rate of contraction ▼
                                                                         25
second quarter, but at a slightly weaker rate than in Dublin.
                                                                              Q2 01

                                                                                      Q2 02

                                                                                              Q2 03

                                                                                                      Q2 04

                                                                                                              Q2 05

                                                                                                                      Q2 06

                                                                                                                              Q2 07

                                                                                                                                      Q2 08

                                                                                                                                              Q2 09

                                                                                                                                                      Q2 10

                                                                                                                                                              Q2 11

                                                                                                                                                                      Q2 12

                                                                                                                                                                              Q2 13

                                                                                                                                                                                      Q2 14

                                                                                                                                                                                              Q2 15

                                                                                                                                                                                                      Q2 16

                                                                                                                                                                                                              Q2 17

                                                                                                                                                                                                                      Q2 18
                                                                                                                       Dublin                           National excl. Dublin

employment rises at marked,                                                                     overall pmi employment growth (sa)
but slower pace                                                          65
                                                                                50 = no change                                                                    increasing rate of growth ▲

                                                       national          60
 employment growth                      dublin      excl. dublin
 q2 2018                                    56.9             56.0        55

 year on year change                         +2.1            +0.7
                                                                         50
 quarter on quarter change                   -1.6            -1.2
                                                                         45
Dublin companies continued to increase their staffing levels
                                                                         40
during the second quarter of the year, extending the current
period of job creation to 23 quarters. The pace at which                 35

employment rose eased from the previous quarter, but remained
                                                                         30
marked. The Rest of Ireland also posted a weaker increase in                                                                                             increasing rate of contraction ▼
staffing levels in Q2, and one that was slower than that seen in         25
                                                                              Q2 01

                                                                                      Q2 02

                                                                                              Q2 03

                                                                                                      Q2 04

                                                                                                              Q2 05

                                                                                                                      Q2 06

                                                                                                                              Q2 07

                                                                                                                                      Q2 08

                                                                                                                                              Q2 09

                                                                                                                                                      Q2 10

                                                                                                                                                              Q2 11

                                                                                                                                                                      Q2 12

                                                                                                                                                                              Q2 13

                                                                                                                                                                                      Q2 14

                                                                                                                                                                                              Q2 15

                                                                                                                                                                                                      Q2 16

                                                                                                                                                                                                              Q2 17

                                                                                                                                                                                                                      Q2 18

Dublin.

                                                                                                                       Dublin                           National excl. Dublin

  about
  The Dublin Purchasing Managers’ Index® (PMI) series is produced by IHS Markit Economics,
  an independent research company that produces highly-regarded surveys of business
  conditions in nations around the world www.markit.com

                                                                                                                                                                                                               // 11
SANDYFORD BUSINESS DISTRICT

        SANDYFORD
        BUSINESS DISTRICT

                          BY SHARON SCALLY
                          DIRECTOR/CHAIRPERSON SANDYFORD
                          BUSINESS IMPROVEMENT DISTRICT CLG

Driving innovation in east Dublin’s global business quarter and aiming to become
the Sandyford Innovation District by 2021
Sandyford Business District (SBD) comprises four Business

                                                                             “ Onebenefits
Parks (Central Park, Sandyford Business Park, South County
Business Park and Stillorgan Business Park) and is bordered by the
Leopardstown Racecourse & Naomh Olaf GAA Grounds. With its
readily accessible location, highly educated workforce and proven
                                                                                    of the major
track record for key industry sectors, the SBD is a prime location for
SMEs and multinational companies alike.
                                                                                           of the
    Located in the east of the Dublin region, Sandyford Business
District is a vibrant mix of established communities, young families           Sandyford Business
and business, with a total workforce of approx. 25,000 in 1,000
companies. It is well serviced by a modern light rail system (LUAS)
to the City and by the M50 road network to the rest of the country.
                                                                              Improvement District
This accessibility and strategic positioning has been a key factor
in attracting a large number of high profile businesses including;
                                                                            (BID) to its members is
Microsoft, Google, Sage, Vodafone, Mastercard, Salesforce, Bank of
America Merrill Lynch, SSE Airtricity, and Ardagh Group.
    Although currently well provided for, imminent development
                                                                          that they can utilise the
plans include 600 new apartments and the new Nord Anglia
International School for 800 students opening in September 2018
                                                                            company to engage
which further strengthens the fabric of the community for working
families and its attractiveness to employers.                                  with the Council on
THE SANDYFORD BUSINESS IMPROVEMENT DISTRICT
COMPANY
                                                                         their behalf and identify
Business Improvement Districts (BIDs) involve local businesses,
forming a company that is funded directly by them and charged               areas of improvement
                                                                                within the district.”
with identifying and implementing key projects which aim to make
material improvements for those working and living in an area.
In October 2016, Sandyford BID CLG (SBID) was established
(www.sandyford.ie).

12 //
“   The Smart District
                                                                                    Initiative has helped
                                                                             to focus our resources
                                                                                 specifically on the
                                                                              challenges facing the
                                                                             area and has assisted
                                                                                      in developing
                                                                             innovative solutions to
SBID is made up of a highly motivated Board of Directors, drawn
from the business community, and representatives of Dún Laoghaire-
                                                                             meet the needs of the
Rathdown County Council (DLRCoCo) with over 60 companies
participating on its six Task Forces to develop solutions around key           people and business
                                                                                     in Sandyford.”
areas, namely: Business Attraction, Infrastructure, Marketing and
Events, Smart Innovation, Saving & Benefits & Wellbeing.
   No company is successful without a good team behind it and
SBID is led by its new District Director Fiona Fitzpatrick and                                                          Philomena Poole,
supported by an Office Manager, Event Manager and Innovation                                                       Chief Executive, DLCCo.Co.
Champion to assist with growing and promoting Sandyford as a
smart destination to live, work and invest.
   Collaboration and networking are key elements of a successful
Business Improvement District and members are invited to a
                                                                            THE MISSION OF SANDYFORD
broad range of networking and signature events which include; the           BUSINESS DISTRICT IS TO CREATE
Sandyford Business District Awards, Sandyford Spirit 5k run &
Wellness week, €10 million breakfast, Sandyford Innovation Forum,
                                                                            AND PROMOTE THE AREA AS:
Sandyford Summer BBQ along with monthly networking meet-                     A world-class destination in which
ups. These events are critical to developing a sense of ownership for       to work and reside.
participants in the district.
                                                                             A vibrant community of businesses
SANDYFORD SMART DISTRICT                                                    and residents with a unique identity.
Sandyford was officially launched as a “SMART District” by
                                                                             A place where living, working,
DLRCoCo in May 2018. To advance the level of collaboration,
innovation and specialist talent development, SMART Sandyford               shopping and spending leisure time is
manages a series of morning meet-ups and lunchtime briefings,               attractive, easy and positive.
inviting key speakers from multinationals, SMEs and start-ups.
   The district is also very engaged on SMART Travel initiatives
in collaboration with DLRCoCo. Significant investment will
made to promote smarter travel in cycle routes, improved
pedestrian routes and crossings. Traffic management measures            THE SANDYFORD INNOVATION DISTRICT:
will also be designed to manage traffic flows in the district.          Seeking to build on the success of its experience with SBID and
(http://www.sandyfordsmartertravel.ie)                                  the Smart District initiative, the team is planning on developing
   Working with DLRCoCo, substantial success has been achieved          a Sandyford Innovation District in the coming years. Innovation
with an investment of over €150,000 in landscaping and herbaceous       districts constitute best practice in terms of placemaking and clusters,
boarders within the district including a pocket park on Bracken         combining the best of entrepreneurs, educational institutions, start-
Road. Looking forward, a public park with amenities for the district    ups, schools and mixed-use development and public infrastructure
will commence in the coming months. Further improvements to             all connected by sustainable transit, like bike share and trams,
roads and infrastructure will commence in October and plans are         powered by clean energy and wired for digital technology. This
well underway for a new signage scheme which will bring uniformity      combination of collaboration, innovation and entrepreneurship
and identity to the district.                                           makes Sandyford one to watch and a smart place to invest.

                                                                                                                                           // 13
SPECIAL REPORT

    DUBLIN BAY BIOSPHERE TURNS
    UNESCO DESIGNATION
    INTO AN OPPORTUNITY FOR
    SUSTAINABLE BUSINESS

                      BY LES MOORE
                      HEAD OF PARKS SERVICES DUBLIN CITY COUNCIL AND
                      CHAIR OF THE DUBLIN BAY BIOSPHERE PARTNERSHIP

International recognition for Dublin Bay Biosphere offers a way to promote Dublin’s natural
heritage together with the growth of local sustainable tourism.
On the 24th June 2015, the then Minister for Jobs, Enterprise and         While biospheres are recognised for their ecological diversity, they
Innovation Richard Bruton TD, welcomed the announcement that              are managed to promote a balanced relationship between people and
Dublin Bay had been awarded by UNESCO the designation of                  nature and this goal is fulfilled through conservation, learning and
Biosphere reserve, in recognition of its unique ecological status and     development initiatives. Biosphere Discovery Tour Guides delivered
cultural heritage. Minister Bruton stated “UNESCO’s decision to           tours to almost 11,800 passengers in 2017, including a Spring
award Biosphere status recognises the international importance of         programme of school tours. This ecotourism initiative provides
the biodiversity and habitats in Dublin Bay."                             employment and enables visitors and locals alike to experience
    The UNESCO recognition prises the successful partnership              Dublin Bay and its fascinating wildlife and cultural heritage
established between Dublin City Council, Dún Laoghaire-                   firsthand. As a unique hallmark, Dublin Bay Biosphere Reserve
Rathdown County Council, Fingal County Council, Dublin Port               encompasses not just the marine but also terrestrial areas, opening
Company and The Department of Culture, Heritage and the                   a further range of opportunities for the local green and sustainable
Gaeltacht. Failte Ireland are also now a partner as the UNESCO            tourism market.
recognition of Dublin Bay dovetails with their strategy to reposition         Around Dublin Bay there is in fact a necklace of villages
Dublin as a must visit destination that rivals other European capitals    which invite visitors to enjoy the local heritage, packed with great
and indeed, due to its proximity to sea and countryside, can offer        restaurants and shops. Each affords wonderfully evocative sea
more than most.                                                           views and opportunities for a long walk or cycle to lift the spirits.
                                                                          Whether it’s rock-climbing in Dalkey, sea-kayaking in Howth, kite

    “
                                                                          surfing in Dollymount or learning to sail in Dun Laoghaire, there’s
      I believe that this international                                   something for all adventure seekers in Dublin’s coastal villages.
                                                                          Dublin Bay Biosphere in association with Local Enterprise Offices
       designation of Dublin Bay will                                     will be seeking to develop a sustainable business charter for local
          considerably enhance the                                        business’s which support the ideals of the Biosphere project. This
                                                                          represents an incredible opportunity for businesses to engage with
    potential to develop the green                                        new customers and to showcase sustainable, responsibly sourced and
                                                                          ethical products and services which enhance this unique resource.
        tourism market in a way which                                         Dublin Bay is part of a global network of 651 Biosphere Reserves
                                                                          in 120 countries. In April 2019, the European and North American
    creates sustainable employment                                        networks will meet in Dublin for their biennial conference to
without damaging natural resources                                        strengthen the network, to share information on best practice and
                                                                          to inspire and empower people to implement the principles of
 or the cultural integrity of the bay.”                                   UNESCO and its Biosphere programme.

                                                  Richard Bruton           Further information about Dublin Bay and recreational
                                      Minister for Education and Skills    activities in Dublin’s coastal villages is available on
                                                                           www.dublinbaybiosphere.ie and www.visitdublin.com

14 //
ECONOMIC SCORECARD

         dublin: economic scorecard aug 2018
Note: These "petrol gauge" charts present the performance of the particular indicator relative to a range of performances from most positive
(green) to least positive (red). Each gauge presents the latest value compared to the peak value and the trough value over the last decade
(except for public transport trips which cover the past 5 years and housing completions which cover the past 6 years). The Commercial Proper-
ty gauges are red at the high and low extremes, in recognition of the undesirability of rents or vacancy rates that are either too high or too low.

                                                                             economy
ihs markit business pmi q2 2018                                  unemployment rate q1 2018                             kbc/esri consumer sentiment q2 2018

                     46     51                                                       8             10                                              100         120

            40                       57                                      7                          12                                 70                         140

          34
                     58.5                  63                           5
                                                                                           5.7               13                        53
                                                                                                                                                   154                  160

     3 month moving average (sa)                                                          % (sa)                                          index (2003 = 100) (sa)

                                                                             transport
    airport arrivals mar 2018                                        seaport cargo q2 2018                                    public transport trips q1 2018

                    870    1,000                                                     7.7        8.4                                               47.0        49.3

            740                    1,120                                     7.1                        9.0                               44.6                        51.7

         615
                     1,217
                                     1,251                              6.5
                                                                                          9.6                                         42.2
                                                                                                                                                   53.9
               000's/month (sa)                                     million tonnes/quarter (sa)                                     million trips/quarter (sa)

                                                              residential property
         average residential                                          residential property                                          housing completions
            rents q1 2018                                             price index may 2018                                                 q1 2018

                   1,200   1,310                                                     84            99                                             800        1.100

           1,090                   1,420                                     69                         113                               400                        1,400

         961
                     1,527                                              55
                                                                                       104               128                         100
                                                                                                                                                   1.214               1,760

                    €/month                                                       index 2005 = 100                                               units/month

                                                               commercial property
   dublin city centre office                                      dublin 2/4 office vacancy                                        dublin suburbs office
          rent q2 2018                                                   rate q2 2018                                               vacancy rate q2 2018

                    460    540                                                       15            20                                             15           18

           380                      620                                      10                         25                                11                           22

         296
                      700              700                              5
                                                                                          5.5                30                       8
                                                                                                                                                       8.6                  25

                      €/sq.m.                                                               %                                                            %

sources: cso, except consumer sentiment kbc/esri; pmi markit; seaport cargo dublin port; public transport nta; residential rents prtb; commercial property cbre research

                                                                                                                                                                                 // 15
THE DUBLIN BAY BIOSPHERE
WORKING TOGETHER TO PROMOTE A BALANCE
      BETWEEN PEOPLE AND NATURE
         DUBLINBAYBIOSPHERE.IE
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