Many businesses are choosing to expand in Dublin rather than London ahead of Brexit, Irish property developer Green Reit said on Tuesday.
The firm referred to the potential “expansion opportunities” from Britain’s vote to leave the EU in its results for the year to June where profits rose 11%.
Chief executive Pat Gunne told the Standard: “There has been a substantial increase in office take-up since the Brexit referendum. A number of companies see Dublin as a good alternative to London when they are expanding, given the access to EU passporting rights.”
Several UK businesses want to retain tariff-free access to the bloc’s states. Firms that have this year announced plans to move jobs to the Irish capital ahead of Brexit include Bank of America Merrill Lynch.
Green Reit’s chairman Gary Kennedy said: “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.”
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.”