Caít Keane (Fine Gael) | Oireachtas source

I, again, raise the matter of rent control but in the context of a good news story in that a surge of new companies setting up, particularly in Dublin, has led to a shortage of office space. This is a good news story because new companies mean more jobs, including more construction jobs. Some 4,438 new companies set up in the first quarter of this year, a 21% increase on the past five years, and one fifth of them chose to locate in Dublin 1, 2 or 4, including the "Silicon Docks" area of Dublin 1. We must be careful a rent bubble is not created, which is beginning to happen due to a shortage of space in Dublin 1, 2 and 4. There is office space other places in Dublin such as Tallaght, Citywest and the Grange Castle area, and I ask for a debate to ensure we get a balance between supply and demand and ensure sustainable development.

Senator Hayden referred to housing in general and I ask for a debate on the business sector because a rent bubble in the city centre, which has happened before, can lead to companies having to move out or disband, which we do not want to happen. A recent report from Savills found that 57,000 sq. m of office lettings were signed in the first three months, a 32% increase on last year. While it is good news, we must ensure it is done properly and that IDA, Enterprise Ireland, the local authorities and the new local enterprise offices, LEOs, entice and show businesses a fair supply right around the city.