Tom Lyons tells forum that South–East can capitalise on Dublin’s short comings in the face of current economic uncertainty

The Sunday Business Post deputy editor addressed the critical nature of Dublin’s office and residential property divide

Ireland’s South East is the land of opportunity in a post–Brexit world, according to Tom Lyons, deputy editor of the Sunday Business Post who gave ACCA members an insight into the stories behind the headlines surrounding Brexit, the US Presidency and the rise and fall of the Irish economy at the ACCA Waterford Business Leaders Event in St John’s College on Thursday evening.

With recent reports of both the Bank of America and JPMorgan Chase potentially relocating to Dublin, Mr Lyons outlined the disorder within the capital’s property market and elevated cost of living.

The Association of Chartered Certified Accountants (ACCA) members and their guests heard that reports by JLL show office lettings increased by 11% in Dublin in the first quarter of 2017 and according to the Dublin Office Market Overview, 2.1 million sq ft of available office stock is under construction to be delivered over the next 3 years. In contrast, however, residential property rates have surged by 8.7%, reflecting costs seen in 2007.

Commenting at the forum Mr Lyons said, “The truth really is in the headlines. Major multinationals are looking at Ireland with a very real intention of relocating from London and the rest of the UK. As a nation, we aren’t Brexit ready because, realistically, we don’t know what the current negotiations will lead to, but it’s crucial that preparations don’t become Dublin–centric. The South East has a lot to offer companies looking at Ireland, and that’s the case in point for the 72 multinationals who already call this part of the country home.”

According to Mr Lyons, cities in Ireland’s Ancient East and the surrounding areas need to leverage what they have; the coastline, natural heritage and lower rents and cost of living; “you can offer a lifestyle and a work–life balance that unfortunately, Dublin can’t,” he said.

My Lyons also referred to his interview with Donald Trump Jr in 2014 on the Trumps’ acquisition of Doonbeg. He was unaware of the impact the Trumps would today have on the global political and economic landscape, yet it’s an impact that government and businesses must brace themselves for, he said:

“Now more than ever is the time for our government to be supportive of multinationals; those that are already here and investing in this country and those that may invest in the future.

Whether President Trump will implement obstacles to investment by U.S. corporations here remains to be seen, but it is without a doubt in our best interest to be prepared for the worst outcome possible. If experience has taught us anything in the last ten years, it is that failure to prepare will have severe consequences on our economy, in particular micro–economies across the country,” he concluded.

Commenting on the event and its importance to ACCA members, Liz Hughes, Head of ACCA Ireland and Mainland Europe, welcomed Mr Lyons insights:

“It is easy to be distracted by negative stories and political and economic uncertainty, but we must not forget the business success stories that have been created and nurtured here, many of which have been supported by our members and their clients,” Ms Hughes commented.

“Yes, there are certainly obstacles and challenges ahead and unfortunately, more unknowns than certainties, however Ireland has successfully become a leader in the tech and pharma industries and we have boastful list of multinationals based here. As business leaders and influencers, it is the duty of ourselves at ACCA and our members to actively support foreign direct investment and the wider economy,” she concluded.

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