| 3.2°C Dublin

Office values dive 30pc

THE cost of office space in Dublin has fallen by just under 30pc over the last year.

A survey from property company DTZ Sherry FitzGerald shows Dublin has dropped from 20th most expensive place in the world to 33rd.

The change has placed the capital city on a par with European cities such as Amsterdam, Rome and Stockholm as a location for foreign direct investment.

Meanwhile, there was some good news for retailers as consumer sentiment rose to its highest level in two years last month.

The overall KBC Ireland/ESRI Consumer Sentiment Index rose to 64.6 in January from 53.3 the previous month.

The West End of London, central Tokyo and Washington DC were listed as the three most expensive locations to set up offices.

"Ireland was very uncompetitive internationally at the height of the Celtic Tiger," said Peter Waller, a director at DTZ Sherry FitzGerald.

"However, property costs have fallen faster here than in many competing countries and Dublin is now more closely aligned with cities such as Copenhagen and Brussels, rather than Munich and Zurich, which remain significantly more expensive."

However, Mr Waller warned that business service costs remain significantly high for occupiers, which could mean that Dublin is less attractive as a location for multinational companies.