Dublin at­tract­ing most re­lo­cat­ing Bri­tish com­pa­nies

The Irish Times - Business - - FRONT PAGE - FIONA REDDAN

Dublin has at­tracted 25 per cent of all Brexit-re­lated com­pany moves so far, putting it ahead of close com­peti­tors Paris, Frank­furt and Am­s­ter­dam.

How­ever, as a new sur­vey re­veals, while it might be the “win­ner” when it comes to win­ning projects, trans­fers from Lon­don to Dublin have been “mod­est in scale” with no signs of a “Brex­o­dus” – or, at least, not yet.

In a sur­vey of com­pany moves since the 2016 ref­er­en­dum, prop­erty group Knight Frank has found Dublin is the clear win­ner when it comes to UK com­pa­nies look­ing for an EU hub, ac­count­ing for a quar­ter of all Brexit-re­lated moves, ahead of Lux­em­bourg, Frank­furt and Paris. Ire­land is out in front at­tract­ing 48 projects to Dublin and two to Cork, ahead of Lux­em­bourg (39), Paris (24) and Frank­furt/Mu­nich/Ber­lin (29). Some of the com­pa­nies to choose Dublin in­clude JP Mor­gan, Bar­clays, Mor­gan Stan­ley, Equilend, Bea­z­ley, Royal Lon­don Group, Odgers Berndt­son and DLA Piper. “While Brexit is set to rep­re­sent a neg­a­tive shock to the Ir­ish econ­omy as a whole, the Dublin of­fice mar­ket is one of the few ar­eas that stands to ben­e­fit due to re­lo­ca­tion ac­tiv­ity from Lon­don,” the re­port notes, adding that the city ap­peals for its cul­tural prox­im­ity to Lon­don, and its at­trac­tive reg­u­la­tory and fis­cal frame­work.

It says “the largest pos­i­tive im­pact” for the Dublin of­fice mar­ket will be in the tech sec­tor, with “Brexit of­fer­ing the op­por­tu­nity for the city to fur­ther en­hance its rep­u­ta­tion as a global tech hub”. How­ever, while Dublin might be ahead, these an­nounce­ments have been “mod­est in scale”, with Knight Frank not­ing “min­i­mal trans­fers” are tak­ing place at this stage un­til a clearer pic­ture of Brexit emerges.

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