Dublin serviced office market grew by over 50% in 2018, with 8,000 new desks (equating to 400,000 sq. ft.) coming to market. This is according to research by serviced office brokers, Click Offices.
This is a significant improvement on 2017, which saw an increase of 30% in serviced office space in Dublin, or 3,000 extra desks. There are now over 23,000 desks, (1,150,000 sq. ft.) of serviced office space available in the capital, up from just 15,000 desks (750,000 sq. ft.) last year.
Click Offices expects the serviced office market to grow even further in 2019. They say an additional 6,500 desks (325,000 sq. ft.) are expected to become available this year, having already been publicly announced by various operators. It is likely this figure will rise substantially when new and smaller operators are also taken into account.
In total, there are 55 serviced office providers in Dublin, with just five – WeWork, Regus, Iconic, Glandore and Pembroke Hall – controlling over half (55%) of the market.
WeWork opened four serviced office centres in Dublin last year: one in North Wall Quay, one in George’s Quay and two on Harcourt Road. The North Wall Quay space is currently the largest in Dublin, with six floors and space for over 2,000 desks.
Workspace accelerator Huckletree also arrived in Ireland in late 2017. TalentGarden, another leading serviced office space established a partnership with DCU to join its Alpha Innovation Campus, providing serviced flexible workspace for 350 people.
Irish workspace providers like Glandore, Iconic Offices, Pembroke Hall and InvestI have also experienced steady growth in 2018.
The average monthly price of a desk in Dublin has remained steady at €500 per desk (with one desk equivalent to approximately 50 sq. ft. of space), while desks at the lower end start at €300. Desks in many of the larger, more modern spaces start from €650 per month.
Commenting on the figures, Broker at Click Offices, Shane Duffy said, "The increased appetite for flexible workspace is not surprising when you look at the way we work today. Companies want short-term, fluid agreements which allow them to upscale or relocate rapidly."
He added, "Not only that, they want to move in quickly and have all facilities automatically provided for them on arrival. That’s why we’re now seeing large multinationals such as Facebook and Microsoft opting for flexible workspace in the city. It’s no longer just start-ups or SMEs that are looking for this option."