With current uncertainty and volatility in the market it's important to review property projects and carry out a sensitivity analysis on a project's overall return by varying the original baseline assumptions. This may be particularly be the case where a project is distressed, being restructured or in advance of being offered for sale. Using as an illustrative example the case of the mixed use Camden Yard project in Dublin a sensitivity analysis should review the impact on return of as broad range of assumptions as possible in order to understand and quantify the risks in a project or ballpark what a site may be worth. ​

With current uncertainty and volatility in the market it's important to continually review property projects and ensure the original assumptions and plan still holds true. From time to time a new plan needs to be developed to relaunch a project either by carrying out an internal review or by an external team looking to take over a project. The attached approach outlines how to carry out a strategic review of a project to develop a new plan to deliver the project ​

With added functionality to calculate the embodied carbon content (eCO2) of a range of building types the Ireland Construction Cost Database has been updated. Containing a wide range of data on construction costs, valuation, office occupation costs and tender and cost inflation predictions the updated App is a useful tool for the property and construction industry.

With a building and materials cost inflation forecast of c. 4.0% through 2025 and expected labour cost increase in the range 2.5% - 3.5% in the same period I expect tender prices (for general building) to increase by up to 3.4% in 2025 based on these assumptions. This assumes that contractors hold gross margin targets of 7% given the expected level of activity in the market. With this forecast tender increase being lower than that experiences in 8 of the past 10 years it is a good time to progress projects to take advantage of current prices.