Dublin attracting most relocating British companies
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.