Recently in Belfast Category

PUBLISHED 10 JULY 2010

Republic of Ireland economy

Analysis of the economy and its effect on the local market

Paul Golden, freelance writer, 07799 844895, paul@goldencomms.ie

 

NAMA

A look at the key issues and trends

Paul Norman, EGi news editor, 020 7911 1894, paul.norman@estatesgazette.com

 

Development

Analysis of the local market

Melanie Smith, editorial assistant, 020 7911 1916, melanie.smith@estatesgazette.com

 

Northern Ireland

A look at the key issues and trends

Daniel Cunningham, senior writer, 020 7911 1822, daniel.cunningham@estatesgazette.com

Please contact writers by 11th June 2010

 

It has long been an ambition for the Government to decamp departments into cheaper locations around the UK and yesterday's budget underlined this ambition. Some 15,000 civil servant jobs are set to move out of the capital over the next five years - if Labour are re-elected in May.

Research by Cushman & Wakefield into the costs and savings made by moving out of London shows there is some sense in the policy.

For example a relocation to Belfast or Cardiff could save a business more than 40% over ten years compared to staying in London.

Based on a 50,000 sq ft requirement with 500 employees the research found that property costs in the 15 regional cities studied was on average 52% that of a London location and this is despite sharp falls in the capital's rents during the recession.

But before landlords with offices in the regions get excited there are a few more factors that need to be taken into consideration.