Home > Property > Take-up of flexible office space in Dublin moderates

Take-up of flexible office space in Dublin moderates

Written by Robert McHugh, on 21st Feb 2020. Posted in Property

article headline

A new report from Workthere.ie – Savills serviced office brokerage service and website listing platform – has revealed that the amount of space leased by flexible office providers in Dublin fell 73% year-on-year from 410,266 square feet in 2018 to 109,710 square feet in 2019.  

According to Workthere.ie, this was predominantly due to 2018 being an anomaly in terms of flexible office space take-up, with exceptionally high-levels of this type of space being acquired during the year.

Further to this, the take-up figures recorded for the second half of 2019 were inevitably impacted by only two of the originally seven planned WeWork deals progressing.

While the overall levels of take-up were lower than the previous 12 months, the average number of desks per enquiry received by Workthere.ie increased from 9.7 in 2018 to 12.2 in 2019 – reflecting a global trend in which flexible offices are more frequently being used by larger companies that require more desks on longer contract terms.

Elsewhere in the report, Workthere.ie reveal that 27% of companies that leased flexible office space in 2019 were new entries to the Irish market. Other reasons listed for take-up of flexible office space were a requirement for temporary office space (16%) and requirement for additional space (14%)

Speaking this week, Director at Savills Ireland and head of Workthere.ie, Michael Healy said, "The take-up volumes of flexible space recorded in 2019 reflected more normalised levels, which Worktehre.ie expect to continue throughout 2020."

Source: www.businessworld.ie

More articles from Property

image Description

Savills forecast reduction in Dublin hotel development

Read more
image Description

Irish mortgages arrears fell to nine-year low before coronavirus test

Read more
image Description

Irish real estate emergency rent measures proposed

Read more
image Description

Commercial property demonstrates resilience in opening months of 2020

Read more
image Description

Irish Central Bank Chief urges more weight for housing in euro zone inflation

Read more