Dublin recorded a massive 66 percent increase in the amount of office space that is taken up in the first three months of the year as compared to the same period in 2018 with Brexit being considered as a major factor in the surge.
A fresh report from BNP Paribas, a real estate agency, reveals that the first quarter of the year saw deals that were signed for a total of more than 130,000 square meters in Dublin office space, as compared to just under 80,000 square meters during the previous year.
Ever since the 2016 Brexit referendum, over 70 companies have announced plans to either relocate to Dublin or expand their presence in the city. According to the report, These companies— including Coinbase, Bank of America, and JP Morgan — have already leased approximately 28,500 square meters in office space.
Salesforce signed the largest office space deal in the first quarter of the year when it agreed to let more than 43,000 square meters of office space in one of the main financial districts of Dublin after its announcement of 1,500 new jobs in the city.
Meanwhile, Facebook, which has its European headquarters in the city, signed a deal to let nearly 16,000 square meters in the south side of Dublin.
In addition to the moves of multinational firms, there was also a rise in deals that were signed by state entities and public sector firms.
The Irish Central Bank completed its acquisition of almost 20,000 square meters of land close to its new headquarters in a move that will “secure the organisation’s long-term accommodation needs.”
Brexit also saw a rise in the serviced office sector. Law firm DLA Piper, asset management firm Baillie Gifford, and Insurance firm Chaucer are among the companies that are operating out of serviced offices in the city.
The report notes: “This is a trend that is likely to continue with many companies opting to take flexible office space to set up their Irish operations before committing to longer lease terms.”
The findings come after a huge jump in Dublin commercial property deals last year. For the first time ever, Investors from Asia accounted for three of the top five investments in office buildings in the city.