Dublin office space more expensive than the City of London
Dublin office rents are now the fifth most expensive in Europe according to a recent study by NB Real Estate. The average price per sqm is now higher than in the City of London.
This is still despite that the rents in Dublin have fallen by 10% last year to reach €600 per sqm. The City of London, however has seen a dramatic 38% decrease in the average rents last year, falling in the rankings to sixth below Dublin with an average rent of €593 per sqm.
Even if Dublin has become one of the most expensive locations to rent office space in the last few months, there are several advantages such as its tax system making it a European hotspot.
Since mid-2008 the city has seen more and more businesses choosing it to settle their business headquarters there. In particular there is a rise in the amount of corporates moving their domicile residence to the city, raising the issue of the UK losing many big British businesses due to its uncompetitive corporate tax system.
Businesses looking to rent office space in Dublin will still be able to find some great bargains, especially in the serviced office space sector. The business centre operators in the city are offering great all inclusive offices to let on flexible terms, helping companies through the recession by making a move to the city cost effective even though rates are still relatively high.
So Dublin is now regarded as an up and coming business location in Europe with more and more businesses locating there. Although the rates themselves are expensive and surprisingly more so that in the City of London, there are some great deals on flexible offices to let. The serviced office sector in Dublin continues to prove cost effective for all types and sizes of business and a sound choice in uncertain times.
Written by Emily Mouquot, Marketing Director.