The property and facilities management industry has operational costs of about €650 million a year. That figure continues to grow as more multinationals relo- cate to the Republic, according to Vincent Hickey of the Irish Property & Facility Management Association.

He told the association’s members’ lunch that while the commercial property area remained stagnant, there was movement and growth in the residential property management sector. Mr Hickey added that while 60 per cent of the management in the UK was provided by outside agencies, the figure in Ireland was 45 per cent. However this figure was set to increase as more multinationals and the life sciences industry relocated here.