The Dublin Growth Story
We were keen to grow the Us & Co brand in Dublin, inspired by how well the city has recovered from the problems it suffered following the financial crisis ten years ago.
The widespread economic downturn of 2008/2009 hit Ireland especially hard. It was the first state in the eurozone to officially enter recession, with the Irish Stock Exchange general index plummeting to a 14 year low and the unemployment rate rising from 6.5% to 14.8% in just the space of a year. Dublin, in particular, saw significant unrest – with hundreds of thousands of people demanding that the government to do something about the slumping economy.
Fast forward to 2018 and Dublin is a thriving city, with lots of potential for further growth. It is home to many international companies which are expanding their operations there, making use of the well-educated workforce.
In recent years, Dublin has also established itself as a desirable location for the tech sector. Among others, Google, Amazon, Facebook, Twitter and Airbnb have all set up headquarters there, spawning growth in other businesses providing services to them.
With current Us & Co members coming from a wide range of sectors and businesses, including the tech industries – we realised that Dublin offers a great opportunity for us.
The Impact Of Brexit On Business In Dublin
The impact of the UK referendum result is already noticeable in the city, as – for many companies – Dublin is the best way to access the European Union. The uncertainty of Brexit has meant that many international companies – big and small – have taken the decision to set up bases in Dublin, in order to ensure they can maintain trading relationships within the EU in the medium and long-term.
It is estimated that close to 100 large banks, insurers and law firms are considering Dublin as their EU base and the last two years have seen 1,317 lawyers from England and Wales register for the Roll of Solicitors in Ireland – dubbed an influx of ‘Brexit refugees’. Small businesses, too, are being lured by the Irish city in the wake of Article 50. Back in December 2017, Croke Park stadium in Dublin hosted a dedicated workshop for small businesses around the topic of ‘practical help to navigate Brexit’, which was attended by over 400 small firms.
Companies like these most often want office space with a commitment of two to three years initially, with the opportunity to expand further down the line – which is exactly what we provide at Us & Co with our serviced offices. In fact, we are already seeing direct evidence of this, as our first two clients to take office space at 5 Schoolhouse Lane have selected the Irish capital for this very reason.