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Why Dublin is Becoming a Serious Challenger to London post-Brexit
Among the popular bars, fine dining and historical landmarks of Dublin is a flexible workspace market
which is not only diverse in its offering, but becoming increasingly popular for both local, and international businesses, according to Instant Offices.
It is no secret that with the UK’s decision to leave the EU, Dublin has become increasingly attractive for a number of businesses looking at new locations for their European headquarters.
Recent reports show that over 12 million sq. ft. of office space is set to hit the Dublin market over the next five years, to cater for the expected increase in demand, post-Brexit.
Flexible workspace centres across Dublin boast occupancy levels of around 90%. They charge top-end rates of up to €900 per workstation, which is a rate comparable to most areas in central London.
Having said this with an average desk rate that currently sits at around half of this figure for the market as a whole, there is a variety of space in the city to suite a wide range of budgets and size requirements.
In terms of the type of companies looking for space, there is a real variety from health supplement suppliers, to law firms and everything in between.
There has been a recent increase in the number of technology firms, some of whom now occupy entire floors of flexible workspace. Other sectors which have seen an increase are the legal and financial sectors, asreported in the Financial Timesback in June last year.
This is mainly due to the lowest corporation tax rate of major European countries. Combined with the referendum result it has meant that many of these firms have started shifting operations out of the UK to the closest EU hubs, Dublin being one of them along with Paris and Frankfurt.
However, it is not just UK based companies that are seeking homes in these EU hubs, a number of large US firms looking to establish themselves in Europe are also flocking to these EU cities as opposed to London.
The office space providers in Dublin are by no means standing still.
With this increase in demand, a number of these office space providers will look to grow their flexible workspace portfolio to match the demand from these new exciting client entrants into the market throughout 2017 and beyond.