Planned Dublin office space ‘enough’ to house Brexit migration
Savills report suggests commercial pipeline can accommodate 100,000 new workers
There are currently 39 office developments under construction in Dublin, 13 of which have pre-commitments from tenants, while a further 97 either have planning or are in the planning stages
According to its latest Skyline Survey, 136 new office buildings – totalling over 12 million sq ft – are being planned for Dublin over the next five years, enough to house 100,000 new employees.
The survey notes that 39 office developments are currently under construction in Dublin, 13 of which have pre-commitments from tenants, while a further 97 either have planning or are in the planning stages.
While Savills acknowledged that not all planned developments would proceed, it said that even if half advanced to completion Dublin would have enough office accommodation to reap any potential benefit of the UK’s decision to leave the EU.
“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.”
While the number of planned office buildings and refurbishments for Dublin is high, many projects are expected to fall foul of tight credit conditions.
“We are observing large-scale postponement of schemes, especially those in need of pre-lets to commence on-site. As a result, there is little chance of us reaching a point of oversupply any time soon,” Mr Cunningham said.