Press Release: Jim Power Economic Report on SBD
SBD Press Release
Sandyford Economic Report highlights the need for strategic delivery of housing and offices to ensure retention of Fortune 500 companies
Sandyford Business District expects its workforce to double by 2028
Sandyford Business District (SBD) has today published an economic report about the district, prepared by one of Ireland’s leading economists, Jim Power. The report is a comprehensive economic analysis of the area which marks the significant contribution of the Business Improvement District since its establishment in 2017.
Business Improvement Districts are legislated for by the Local Government (Business Improvement Districts) Act 2006. Under the Act all commercial ratepayers in a proposed area have an opportunity to vote for or against a Business Improvement District (BID). A BID generally runs for a period of five years, after which a plebiscite is held to renew it for a further five years. Since the BID was established, Sandyford Business District has evolved from an Industrial Estate into a sustainable mixed-use district where employers, retailers and residents co-exist to work, live and spend leisure time.
Sandyford Business District is an economic powerhouse in the Greater Dublin Area, and in a national economic context. It is home to 1,000 companies, including 13 Fortune 500 companies; 26,000 employees; 5,000 residents; 400,000 square feet of new office space readily available and over one million square feet planned for development; it generates €21.6 million in commercial rates for Dún Laoghaire- Rathdown County Council; and the gross wage bill generated in the district is estimated at €1 billion.
Among the report’s findings are positive economic indicators that demonstrate Sandyford’s attractiveness as a location for inward investment from multinational companies as well as indigenous Irish businesses. The report examines key questions about the development of Sandyford in recent years, its competitive position as a SMART business district as well as its place in the Irish economy. Among the key findings in the economic analysis include;
- Sandyford Business District is a very important national economic driver because of its ability to attract foreign, private and public capital which delivers a quantum of employment of 26,000, a gross wage bill of €1 billion and commercial rates of €21.6 million.
- Ireland has an incredibly successful FDI model, but impending changes to the global corporation tax regime poses a challenge which will require a strategic approach to the development of Sandyford Business District.
- That the area is particularly well-suited to the sustainable development model of the 15-Minute City if appropriate investment in residential housing and offices is undertaken.
- That there is a need for a strategic approach to land use and density, which provides flexibility in heights, mixed uses, increased living accommodation and support amenities, to facilitate the expected doubling of employment numbers in the district.*
*Knight Frank in ‘The Sandyford Business District – An Analysis of Residential Supply Issues’, has projected that the working population of the district is likely to grow from 26,000 currently to 48,500 by the end of the next Sandyford Urban Framework Plan 2022-2028.
- That the district is ideally positioned and located for a hybrid working model in the post-COVID era with the ready availability of easily accessible office space at competitive rental prices, serviced by excellent transport infrastructure.
District Executive, Conor Battigan said “ Having the benefit of this Economic Report is tremendously helpful in measuring the district’s progress as we work to provide the businesses in Sandyford Business District with greater economic opportunity. It gives us all a chance to take stock of the achievements of our business community in recent years, and of the opportunities that still lie ahead as the difficult pandemic period draws to a close.”
“While the report clearly shows that Sandyford Business District is on the right path with the strategies it is implementing, in order to ensure the sustainable long-term development of the area, it is crucial that the needs identified in this report are met. The challenges posed to the District by OECD-driven corporation tax changes means it is crucial that national policy is more strategic in terms of delivery to ensure continued outputs for the area. With the doubling of the local workforce, it is clear that talent acquisition strategies will be key to our member businesses. Therefore, ready availability of housing stock is essential to retain the area’s attractiveness in an increasingly globalised work-place. It is crucial given the area’s role in driving the national economy, and the Government’s ambition to deliver a 15-Minute City, which will achieve reductions in carbon emissions. By putting in place measures that deliver for our area, Sandyford Business District will continue to be commercially successful, environmentally friendly and eminently liveable – in short particularly well-adapted to the demands of the 21st century.”
“The Report also demonstrates that Sandyford Business District is well-placed to capitalise on the rapid acceleration in the adoption of hybrid working models by businesses as the Covid-19 pandemic subsides. The District’s geographical location coupled with competitive rent prices for office space and excellent transport links give it a key advantage. Taken together with the consistent efforts by SBD in recent years to advance the sustainability agenda in the district, this has put Sandyford in a uniquely strong position to take advantage of the trends in changing work practices and the ever-greater importance of sustainability in the way business is conducted and the way we live our lives.”
“Seizing on these opportunities will be crucial for ensuring the future of our member businesses and the thousands employed in the district, but also for the wider economy. Indeed, the challenges identified in the report are reflective of the broader global trends affecting Ireland today. It is by investing in and building on the success of vibrant, open and modern business and residential communities such as Sandyford, that we can build the country’s resilience to economic, environmental, geopolitical and health shocks in the coming decades. At SBD we will continue supporting our members in seizing opportunities while simultaneously seeing off challenges, and we look forward to working in partnership with local and national government in those efforts.”
Contact: Norbert - 083 023 2993
What is a Business Improvement
Business Improvement Districts are legislated for by the Local Government (Business Improvement Districts) Act 2006. Under the Act all commercial ratepayers in a proposed area have an opportunity to vote for or against a Business Improvement District (BID). A BID runs for a period of 5 years, after which a plebiscite is held to renew it for a further 5
The BID company is a company limited by guarantee. It is elected with 12 members. Two thirds of the members have to be ratepayers or representatives of ratepayers. Two board members are co opted by Dun Laoghaire Rathdown County Council – one being an executive and the other being a councillor.
About Sandyford Business District
Sandyford Business District is home to Facebook Google, Mastercard, Microsoft and Vodafone, BNP Paribas, AIB and Bank of America Merrill Lynch among a host of other companies.
The Business Improvement District company, Sandyford BID CLG trading as Sandyford Business District, was established in January 2017 to represent the entire business community in the Sandyford Business District. It provides support for existing businesses within SBD and those looking to relocate and invest in the area. It has achieved considerable progress since its inception.
The business clusters in the Sandyford Business District include 118 Information and Communication companies; 99 MedTech companies; 63 Fintech companies; 8 Energytech companies; 27 Autotech companies; 17 Education and Childcare facilities; 49 Hospitality companies; and 117 Retail and Leisure companies.