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State becomes Dublin's fastest growing employer

Written by Robert McHugh, on 12th Jun 2019. Posted in Ireland

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Public administration and defence is Dublin’s fastest growing sector of employment, with 4,900 new jobs created in the last year – an annual increase of 14.7%. According to the latest report from property advisor Savills Ireland, this has driven strong growth in public-sector office take-up.

Savills say the impact of the public sector on Dublin’s office market has gone relatively unnoticed, with some spectacularly large deals in the ICT sector overshadowing its significance. However, since 2012, take-up of office space by public sector bodies has risen by over 1,000%, which reflects significant jobs growth in the sector – particularly since 2015, when the recruitment embargo was lifted.

According to the report, the average office employee in Dublin now occupies 10.3 sq m of space, meaning that the 4,900 new jobs in public administration should translate into a requirement for approximately 50,000 sq m of additional business space. 

There were several large office lettings to the public sector in the first quarter of 2019. Tailte Éireann – the name of the Government body to be formed by the merger of the Property Registration Authority, Ordnance Survey Ireland and the Valuation Office – pre-let 16,722 sqm of space at The Distillers Building in Smithfield.

Elsewhere, the Central Bank of Ireland has agreed to acquire Blocks 4 & 5, Dublin Landings – currently under development by Ballymore.

Speaking this week, Director of Research at Savills Ireland and author of the report, Dr. John McCartney said, "The impact of the public sector on Dublin’s office market has gone relatively unnoticed, with some spectacularly large deals in the ICT sector overshadowing its significance. However, since 2012, take-up of office space by public sector bodies has risen by over 1,000%, which reflects significant jobs growth in the sector – particularly since 2015, when the recruitment embargo was lifted."

Source: www.businessworld.ie

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