Dublin is now ranked the 11th best European city in which to locate a business, according to a survey released yesterday by estate agents Lisney.
The survey was conducted among approximately 500 directors in 33 European cities. It rated locations based on several criteria, including access to qualified staff, easy access to markets and availability of office space. Ireland finished 12th in the survey last year.
The European Cities Monitor was conducted by Cushman and Wakfield, a real estate research firm. It is understood that Ireland finished top of the list for Government-friendly climate towards business.
The best European city in which to locate a business was London, followed by Paris and Frankfurt. Moving into the top four for the first time was Barcelona with Brussels slipping back to 5th position.
Lisney said vacancy rates in the Dublin office market have fallen from 20 per cent to 11.5 per cent over the last four years.
According to Paul Hipwell of Lisney this reflected Dublin's perception as a business-friendly city.
Such is the demand for Dublin office space that the projected 2006 year end take-up will beat the previous record set in 1998 of 229,000 square metres.
The director surveyed for the study in each case has responsibility at their firms for purchasing and facilities decisions.
Lisney said that cities which went ahead, tended to stay ahead. "Having a business friendly reputation tends to be re-enforcing," said a spokesman.
German cities were heavily represented in the survey with Frankfurt, Berlin, Munich, Dusseldorf and Hamburg, all in the top 16.
Significant investment has gone into the German economy over recent months, particularly since the appointment of Angela Merkel as chancellor.
Several cities entered the top 33 for the first time this year, including Birmingham, Leeds and Bucharest. Manchester was one of the biggest fallers this year, dropping from 15 to 21.
Dublin as a business city has been in the headlines over recent years for high rents.
In 2005, Dublin was reported to be charging the seventh highest commercial rent levels in the world, even higher than financial centres like Frankfurt.
