Mr. John Moran:

It is a combination of two factors - lack of affordable office accommodation and, probably even more importantly, a lack of affordable residential accommodation. The latter is as serious an issue as the non-availability of office accommodation. Unfortunately, real estate is a little like a super tanker - it takes a long time to stop it and a long time to start it. Until such time as we get our supply side organised which will probably not be until 2017, we are going to see these inflationary pressures in the office market.