Published on February 7th, 2019 | by Martin Clancy
Dublin’s Serviced Office market expanded by 50% in 2018
The Dublin Serviced Office market grew by over 50% in 2018, with 8,000 new desks (400,000 sq. ft.) coming to market, according to research conducted by experts at the Serviced Office brokerage Click Offices.
This figure is up on 2017, which saw a 30% increase in Serviced Office spaces in the capital city, which is the equivalent of 3,000 extra desks.
2018’s desk increase now brings the city’s total number of Serviced Office desk spaces up to over 23,000 desks (1,150,000 sq. ft.), an increase from 2017’s 15,000 desks (750,000 sq. ft.).
An additional 6,500 desks (325,000 sq. ft.) are expected to come to market in 2019, according to Click Office brokers in Dublin. This is mainly due to the fact that many of these desk spaces have already been publicly announced by various operators.
A change in demand
Serviced Offices have become more and more popular across the world, with co-working and hot desking becoming the norm for many companies. This increased demand lead to many of the world-leaders in Serviced Office space establishing a presence in Dublin.
In Dublin alone, there are 55 Serviced Office providers, with just five (WeWork, Regus, Iconic, Glandore and Pembroke Hall) controlling more than half (55%) of the total market.
WeWork opened four serviced office centres in Dublin last year in North Wall Quay, George’s Quay and two on Harcourt Road. The North Wall Quay space is the largest Serviced Office building in Dublin, comprising of six floors and space for over 2,000 desks.
Huckletree, an accelerator and start-up incubator, also arrived in Ireland in late 2017. TalentGarden, another leading Serviced Office provider, established a partnership with DCU to join its Alpha Innovation Campus, and now provides serviced flexible workspace for 350 people.
The growth in the market is not just due to international providers landing in Dublin. Homegrown Serviced Office operators, like Iconic Offices, Pembroke Hall and InvestI, also experienced consistent growth throughout the entire year.
Cost of a desk
In Dublin, the average cost of a desk is €500 per month (one desk is equivalent to approximately 50 sq. ft. of space), with the price remaining similar to costs in 2017.
However, some cheaper options have come to the market, with some desks starting at €300 per month. Prices can rise up €650 per month in some of the more modern spaces, but the price also reflects the greater number of services and spaces available in each individual building.
Commenting on the figures, Shane Duffy, Broker at Click Offices, 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.
“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.”
Excitingly, WeWork looks set to expand its presence in the Dublin market this year, with the opening of their two new office spaces in the city centre. This will bring WeWork’s total capacity in the city to over 8,000 desks.
Iconic Offices and Pembroke Hall have also announced new centres that will open in 2019. Serviced Office provider Regus are also increasing their network of locations from 14 in 2019, having already launched 34,000 sq. Ft. of additional space to the market in mid-2018.
The Serviced Office market in Dublin will only continue to grow and diversify, giving it one of the most exciting growth trajectories for 2019.
Securing a Serviced Office space
With so much competition in the market, it is difficult to know which Serviced Office provider is best for you. Contending with pricing and space availabilities can become a bit of a maze. However, when you use Click Offices’ free service, their expert brokers will do all the hard work for you, by finding you the best space, for the best price. All you have to do is give Click Offices a call or drop them an email, and they will get back to you with all of your options in your desired areas. This allows you to focus on what really matters; your business!
Contact a Click Offices broker today to find your new office space.