30 Apr Foreign Exchange
Dublin, Ireland was established as a Viking settlement in the 10th Century. Over the centuries, the city has seen its fair share of outside invaders as well as internal conflicts. Today, it is a modern European capital representing the financial and commercial center of Ireland.
Emerging Trends in Real Estate Europe 2015, reported Dublin as the second most attractive city for real estate investment – Berlin was first, while London dropped five places to tenth. Last year, Dublin attracted the sixth highest level of real estate investment among the 28 European cities in the report.
Vantosh Realty Group Commercial Real Estate Advisor, Clara Fishel, was in Dublin earlier in the month and spent some time with the Head of General Retail Agency for Savills Ireland, Stephen McCarthy. McCarthy identifies a number of key reasons why Dublin is such an attractive city for business…
*Highly-Educated, English-Speaking Workforce
*12.5% Corporate Tax Rate
*Excellent Geographic Location with Barrier-free Access to Over 500 Million European Customers
Indeed. All of the major, international retailers from Tommy Hilfiger, Disney and River Island to Levis and Vans are all located along Dublin’s 5th Avenue: Grafton Street – an established shopping district with little to no vacancy. Rents here range from €400 to €600 per square foot Zone A, depending on the particular location, profile, size and configuration. While other global retailers such as Abercrombie & Fitch, H&M, Zara, Cos and Louis Vuitton are all located within immediate proximity to Grafton Street, McCarthy cites the Grand Canal Dock district, aka “Googleville” as the area of Dublin that has seen the most extensive commercial development in the City’s history.
The neighborhood is full of young professionals working primarily in the areas of law, finance and technology surrounded by new cafes and shiny contemporary architecture. Google, Facebook, Twitter, LinkedIn and other tech companies have European HQ or bases of operations there as do leading legal and financial firms such as PwC. More Docklands area office and mixed-use developments are planned for the immediate future.
Like Savannah, Dublin’s real estate development supply is limited and, in a global context, the market is relatively small. Also like Savannah, Dublin has managed to rebound from the ’08/’09 crash with bright prospects on the horizon. Real estate market conditions are, of course, unique to various countries, regions, cities, and even neighborhoods – as they say, “all real estate is local.” However, commercial real estate investment capital knows no boundaries. As the world becomes more and more interconnected, it is important to look to and learn from markets outside of our own. We are grateful to have had the opportunity to do so!