Talks with Nama to free up office space

IDA Ireland has held discussions with Nama regarding the possibility of freeing up more large-scale office space in the Central Dublin area to house the growing number of foreign companies looking to establish a presence in the capital.

Speaking yesterday at the launch of the agency’s annual report for 2011, IDA chief executive Barry O’Leary said he is confident of the agency winning new investment from international services companies over the course of the coming year; but noted that a major challenge could be a lack of available office space in the capital.

Mr O’Leary said a large proportion of inward investment would come from the services sector, but that currently there are only “four or five” available modern offices in Dublin city centre.

However, good news on this front was forthcoming from Finance Minister Michael Noonan who said yesterday that Nama is “prepared to go into partnership with people like the IDA”, to provide “modern office accommodation between the canals”.

“They’ve had discussions with the IDA so FDI isn’t inhibited by a lack of physical accommodation,” the Minister said.

A spokesperson for Nama, meanwhile, said it enjoys a “very positive” working relationship with IDA Ireland.

The IDA said it remains confident of securing — over the medium term — “significant investments” that will require large-scale office space.

“While there is currently an adequate supply of office space in the Dublin area, the property sector needs to start planning for future demand. Availability of suitable modern office space, of scale, is strategically important for winning substantial projects. IDA has already held discussions with Nama on providing solutions to meet this future demand,” it added.

Also speaking yesterday, Jobs, Enterprise and Innovation Minister Richard Bruton said “we must do everything possible to ensure that this strong flow of jobs and investments continues.”