Thursday 22 August 2019

Irish Brexit dividend a 'remarkable outcome'

Knight Frank estimated that each city had received anywhere from 1,500 to 2,000 new jobs as a result of Brexit .. Photo: Yui Mok/PA
Knight Frank estimated that each city had received anywhere from 1,500 to 2,000 new jobs as a result of Brexit .. Photo: Yui Mok/PA

Michael Cogley

Ireland's Brexit dividend has been a "remarkable outcome" for the country, with 92 UK-based companies moving their operations here.

Dublin has been the largest benefactor of Brexit exiles with 86 related moves landing in the capital, according to the 'Under Pressure' report from London-based property group Knight Frank.

The study of the 349 Brexit-related moves found Dublin, Luxembourg, Paris, Amsterdam and Frankfurt gained most companies from the UK. Luxembourg was closest to Dublin with 55.

"While Dublin was always a contender for attracting Brexit-related business, the global financial centres of Paris and Frankfurt were considered favourites to land the majority," the report stated.

"Therefore, its more than 50pc lead ahead of its nearest competitor is certainly a remarkable outcome for the city, while the regional locations of Cork and Sligo also picked up some new occupiers too."

However, despite the high number of moves, Ireland's increase in jobs was broadly the same as Paris, Frankfurt and Amsterdam.

Knight Frank estimated that each city had received anywhere from 1,500 to 2,000 new jobs as a result of Brexit so far.

The report stated that Ireland’s similar legal system and its access to a young, educated, English-speaking workforce have acted as competitive advantages in attracting overseas firms.

Knight Frank said demand in Ireland’s office space market has also surged as a result, citing the 360,000sqm of take-up achieved last year, the highest on record.

“Although we estimate that just 12,500sqm of take-up in Dublin so far can be directly tied to Brexit announcements, the more important move relates to companies that would have otherwise expanded within the UK but are now choosing to do so in the European cities such as Dublin,” the report said.

Of the moves reported in Ireland, 28pc were by asset managers, 20pc by insurers and another 13pc by banks. Fintech companies accounted for 13pc of the moves to Dublin.

Knight Frank also highlighted the increase in Asian investment in the Dublin office market. The property group suggested that the investments may have been motivated by the “hedging” quality of the market.

Elsewhere, France secured 47 Brexit-related moves while the Netherlands landed 48 moves. Germany was also a large beneficiary of Brexit moves with 49 businesses relocating there.

Sunday Indo Business

Also in Business