Fears that recent tax proposals by US President, Joe Biden, could lead to an exodus of US tech firms from Europe have been overplayed, according to the European Chapter of global brokerage body, SIOR (The Society of Industrial & Office Realtors).
These proposals aim to discourage businesses from seeking out more benign tax jurisdictions and have raised the prospect of US tech firms abandoning European capitals.
However, should these reforms come to pass, they are likely to have a minimal impact on Europe’s prime office markets, say office specialists at SIOR Europe. “All major global businesses make their occupational decisions on a vast matrix of factors, of which prevailing corporation tax rates is just one. Factors such as access to local markets and to a wide talent pool are far more influential, along with a consideration of total occupation costs, including rent, rates and ancillary charges,” says Nick McCalmont-Woods
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