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Dublin in the Blue Corner

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The now infamous term ‘Brexit’ (meaning Britain’s exit from the European Union for anyone that may have been actively avoiding the news in recent months) is one that has long been met with apprehension and uncertainty from our shores. As a relatively small country we find ourselves somewhat reliant on our larger neighbour for certain amounts of trade and, as such we have been unsure of what this move would mean for Ireland’s continuing recovery as well as our own trade options.

There seems to be good news on the horizon this week however, as it was announced that according to research from Ernst & Young’s London office, Dublin is now the most preferred Brexit location for financial services companies. A move in this direction would be an incredibly positive one for Ireland, with Dublin already being somewhat of tech hub with companies like social media giant Facebook choosing to have their European head office here. This also places Dublin ahead of Europe’s current financial centre, Frankfurt which is a major boost to how Dublin is perceived in the financial sector.

Whilst Dublin may only be slightly ahead of Frankfurt, this is a significant indicator of positive movement following Brexit as the survey included 222 banks and other institutions, showing that Dublin is being considered as a real and viable option for European trading following Britain’s imminent departure from the European Union. It is reported that 19 companies mentioned Dublin as a potential destination they would consider moving operations to following Brexit.

In recent months, Ireland has already won out over our competitor Frankfurt in securing banking giants such as Barclays to our shores. There is of course no commitment attached to these findings, but it is encouraging to know that Ireland is one of the first options to come to mind for financial services companies in these uncertain times.

It is both a time of excitement and uncertainty for Ireland as Brexit approaches and should these companies put their contingency plan into action we may well see some positive changes for our country come as a result of this upheaval.

Should you require any help, guidance or assistance on any business or financial matters please don’t hesitate to get in touch with us here at EcovisDCA, or pay a visit to our new office where we are now all settled in and ready to be of assistance.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

TIGHTER SQUEEZE FOR DUBLIN BUSINESSES

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It’s no secret that the property market in Ireland has been rife with struggles in recent years, with the increased strictness and new mortgage rules putting roadblocks in the way of first and second time buyers. Now, with office space rental prices increasing whilst availability decreases it has become more difficult than ever to gain access to appropriate property in Dublin both for personal and business customers.

 

This issue is set to become a prevalent one for Dublin businesses as it has been suggested by the Society of Chartered Surveyors Ireland that rental rates for businesses in Dublin are to rise sharply by 12% in the coming year. To add fuel to the fire of a rocky year for leasing in Dublin, it has also been recently reported by estate agentSherry Fitzgerald that vacancy levels for office space in Dublin have hit an all-time low. It seems to be a Catch-22 situation ahead for new and upcoming businesses in Dublin as there will now be limited property available and a cost increase on existing property.

 

The SCSI’s group chair Brian Meldon has been quoted as saying the following regarding the lack of supply:

“While some respondents are anticipating an increase in supply in 2017, no new office space has been delivered to the Dublin market for the last five years and as a result demand continues to surpass supply.”

 

It has been suggested by economists that the influx and growth of the tech company sector in Ireland may have led to greater competition for office space, resulting in less availability and higher rates as competition increases.

 

It is not just office rental availability which has become an issue in recent years, as property website Daft.ie have this week published their report which showed that this month, tenants had only 3,600 properties to choose from in the entire country, a massive drop from the 5,200 seen at the same time last year, and a marked difference between the 16,000 available in 2010.

 

Undoubtedly, demand for office space across the country will continue its rise in 2016 as our economy continues down the road to recovery. Between office space and personal accommodation, we may see ourselves running head first into a rental crisis in the coming months and years. If you are curious about the rental prices and availability in your own area, we would advise having a read of the Daft report which includes many infographics to keep you informed.

 

As always, please don’t hesitate to get in touch with us here at DCA Accountants if there is any way we can be of assistance to you and your business in the midst of these crises.