Anticipating a massive shift of companies from London following implementation of Brexit, Dublin, Ireland is seeing plans for new office buildings popping up all over.
A report by property group Savills states that new and planned office space in the Irish-capital of Dublin is enough to accommodate up to 100,000 workers fleeing London following implementation of the UK's exit from the European Union (aka Brexit). Eoin Burke-Kennedy of The Irish Times reports that 136 new office buildings are planned or under construction in the city.
“If any UK-based companies decide to move operations to Dublin on foot of Brexit – and we believe they will – it will not happen immediately,” Andrew Cunningham of Savills said. “A gradual migration, spread out over a number of years up to the final Brexit date, is far more likely, by which time supply should be able to cope with demand.”
Burke-Kennedy notes that tight credit conditions have helped to slow down development for the time being, helping the city to avoid a glut of unoccupied office space until companies decide to relocate.
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