Irish commercial property surge to make room for Brexit

Irish commercial property surge to make room for Brexit
12/11/2016 , by , in INTERNATIONAL

New office space planned for Dublin over the next five years can accommodate more than 100,000 extra workers and any companies seeking to relocate as a result of Britain’s vote to leave the European Union, property group Savills said.

Ireland has called the prospect of Brexit the greatest economic and social challenge it has faced in 50 years, so the potential to attract businesses from Britain could help to offset some of the damage.

Construction in Dublin ground to a halt from 2010 to 2014, but now almost 150 new office blocks are either under construction, have received planning permission or are in the planning stages, Savills’ survey found. More than 12 million square feet (1.1 million square metres) of office space is planned for Dublin.

“Companies have begun to seriously develop strategies to deal with Brexit. As Dublin’s pipeline is increasing, it is likely the market will be able to cater comfortably for any pick-up in demand that may result,” Savills said.

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