Irish Developer CEO Says Dublin Office Development Is Booming

The chief executive of an Irish property developer has claimed Dublin’s office market has been thriving since the EU Referendum.

Pat Gunne, the boss of Green Reit, said many businesses are choosing to expand in Dublin rather than London ahead of Brexit next year.

“There has been a substantial increase in office take-up since the Brexit referendum,” Gunne told the Standard. “A number of companies see Dublin as a good alternative to London when they are expanding, given the access to EU passporting rights.”

The real estate investment trust previously referred to the potential expansion opportunities from Britain’s vote to leave the EU in its results for the year to June, in which it revealed an 11% increase in profits.

Many UK businesses want to retain tariff-free access to the bloc’s states and consider moving to Dublin the obvious choice.

Bank of America Merrill Lynch is one of several firms that have this year announced plans to move jobs to the Irish capital ahead of Brexit.

“While Brexit may potentially be a headwind for the wider Irish economy, we continue to see it as an opportunity for our particular area of business, which is heavily weighted towards Dublin offices,” said Green Reit’s chairman Gary Kennedy.

The firm’s report added about the Irish market: “The rate of net inward migration is accelerating and the full extent of Brexit relocations and Brexit-related employment growth has yet to be seen, both of which will further strengthen demand.”

It comes after a report from commercial real estate services firm CBRE suggested Brexit-related inquiries are likely to increase current strong volumes of demand in the Dublin office market.

In the first quarter, almost €930 million (£825 million) of transactions were recorded in the commercial property market in Ireland as a whole.

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