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MONDAY
Results: Green Reit.
Indicators: Euro zone inflation (Aug), US housing market index (Sept).
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Meetings: Ormonde Mining agm (Crowne Plaza Hotel, Blanchardstown); SaaStock 2017 conference (RDS, Dublin).
The grass is greener at Green Reit – Goodbody’s headline sums it up. On Monday full-year results at the real estate trust are expected to be of little surprise, in the positive sense, riding on the back of assured delivery.
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Three developments, in particular, have stood to the company – 32 Molesworth Street, comprising about 32,000sq ft of letting space in Dublin city centre; Horizon Logistics with 264 acres at the intersection of Dublin Airport and the M50 motorway; and Block H of the Central Park commercial and residential development in Leopardstown, Dublin.
“All [were] completed on time and let promptly to blue-chip tenants with attractive lease terms,” Goodbody said in its note ahead of results. It is forecasting net asset value of 161 cent a share for 2017 (up from 151.8 cent at the end of the last financial year) and reiterating a “buy” recommendation with a target price of 166 cent.
Office space take-up hit record levels in 2017. Dublin completed 80 per cent of a normal year’s business in just six months, with Green Reit accounting for about 10 per cent.
Last week real estate advisory firm HWBC said Dublin city office rents would plateau next year at levels last seen in 2008. It estimates prime rents in the city centre will reach €65 per square foot compared to a current rate of €62 and a low-point of €28 in 2012.
TUESDAY
Results: Escher Group, FedEx, Adobe.
Indicators: Euro zone construction output (July), economic sentiment index (Sept); German economic sentiment index (Sept); US export and import prices (Aug).
WEDNESDAY
Results: Kingfisher.
Indicators: UK retail sales (Aug); German PPI (Aug); US home sales (July and Aug).
Meetings: The Irish Times/PwC Tax Summit (Westin Hotel, Dublin); US Fed interest rate decision; ECB non-monetary policy meeting.
THURSDAY
Results: Manchester United.
Indicators: Euro zone consumer confidence flash (Sept); UK public sector net borrowing (Aug), mortgage approvals (Aug); US house price index (July).
Meetings: Ryanair agm (Dublin office, Airside Business Park, Swords); ECB general council meeting; Great Place to Work Ireland Conference 2017 (Mansion House, Dublin); Secure Computing Forum (Aviva Stadium, Dublin); Ibec president's dinner 2017 (RDS, Dublin).
What exactly constitutes a "great place to work" and why should employers care? Things have changed dramatically since the limb-severing factories of the industrial revolution slowly evolved into Google and its repertoire of free gourmet food and parental benefits.
Such is today’s value of the question that an entire event, the Great Place To Work Ireland Conference, has been built around it; the annual think-in takes place in Dublin on Thursday.
"The world is changing with increasing rapidity – in some ways predictably, in other ways clearly quite unpredictably," Joseph Benkanoun of Great Place to Work said in the build up. "Either way, the old methods of approaching the workplace and our modes of leadership are less and less fit for purpose."
Future success, Benkanoun says, may depend on an organisation’s adaptability and resilience. “And the only way to do that is by developing a culture where employees have trust in their colleagues and management.”
This year's conference speakers will include Minister for Health Simon Harris, secretary general of the Department of Public Expenditure and Reform Robert Watt, and senior management from several companies including Volkswagen, Woodies and Lidl.
FRIDAY
Indicators: Euro zone services, manufacturing and composite PMI flash (Sept); German services, manufacturing and composite PMI flash (Sept); US services, manufacturing and composite PMI flash (Sept).
Meetings: Mainstay Medical agm (Clonmel House, Swords, Co Dublin); Institute of Directors annual lunch (Clayton Hotel, Dublin).