Dublin’s serviced office sector grew by 30% in 2019

30,000 desks are now available across 1.5m sq ft of flexible workspace in the capital

WeWork’s Charlemont Exchange is the largest flexible office space in Dublin with 2,400 desks.

WeWork’s Charlemont Exchange is the largest flexible office space in Dublin with 2,400 desks.

 

Research by serviced office brokers, Click Offices, has found that the Dublin serviced office market grew by over 30 per cent in 2019, with 7,000 new desks, equating to 32,500sq m (350,000sq ft) of space, coming to the market.

There are now over 30,000 desks across 139,350sq m (1,500,000sq ft) of serviced office space in the capital, up from 23,000 desks (106,840sq m/1,150,000sq ft) in 2018.

Click Offices says it expects the serviced office to grow further this year, with an additional 4,000 desks (18,580sq m/200,000sq ft) set to come on stream.

But while there are now 60 flexible workspace providers in Dublin, the majority of these are operating at a relatively small scale when compared to the big five of WeWork, Regus, Iconic, Glandore and Pembroke Hall. Taken together, this group controls a massive 67 per cent of the serviced office market.

Steady growth

WeWork opened four serviced office locations in Dublin last year. The company’s Charlemont Exchange office is currently the largest in Dublin, with six floors and space for over 2,400 desks. Irish workspace providers Iconic Offices and Pembroke Hall have also experienced steady growth in 2019.

The average monthly price of a desk in Dublin has remained steady at €500 per desk (with one desk equivalent to approximately 50sq 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, Shane Duffy, broker at Click Offices, said: “The increased demand for flexible workspace is not surprising when you look at the way we work today. Companies want short-term agreements which allow them to upscale or relocate rapidly.”