Thursday 20 June 2019

Relocating firms fail to boost take-up in offices


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Gavin McLoughlin

Gavin McLoughlin

Dublin is by far the leader when it comes to Brexit relocation announcements, but the level of office take-up has been "quite low", according to leading estate agents.

Some 86 companies have announced plans to come here, 50pc ahead of the nearest competitor Luxembourg.

"While our research illustrates that the Dublin office market has more to gain than any other European centre from Brexit, it should be noted that Brexit-related office take-up has been quite low so far," Knight Frank said.

Many financial services firms have been moving operations here from London so they can continue to benefit from the EU single market after Brexit.

But that kind of move doesn't necessarily mean lots of office space is required, as some operations can be serviced with few staff.

Knight Frank believes the major benefits could ultimately come from firms who would have expanded in Britain, but choose here because of the UK's departure.

It said that the reasons why Ireland might have won more announcements than other countries include having the same common law system as the UK.

The estate agent also said Brexit might help Ireland win jobs from tech firms.

"Although few tech companies have directly mentioned Brexit, we also believe that recent expansions by tech companies in Dublin has in some part been influenced by Brexit. Tech firms draw from a wide pool of talent from across the EU and Dublin's uninterrupted access to this stream of workers is surely a factor that is playing in its favour," the company said.

Irish Independent

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