Another overseas firm has entered the fast-growing market for shared office space in Dublin which already includes the likes of WeWork and Regus.
Us&Co – owned by UK-based Artesian Property Partnership – is renting out 271 desks in a high-end office scheme at 5 School House Lane in Dublin 2. Prices start from €45 per desk a day at one of the first such shared office spaces in a prime location (between Molesworth Street and St Stephen's Green).
About €2.5 million was spent refurbishing the granite- and sandstone-clad building of 1,511sq m (16,062sq ft). It is now presented in a contemporary design which features large glass panels, a double-height reception area, open-plan spaces and a third-floor roof terrace.
Dublin’s serviced office market grew by 50 per cent last year – that’s 8,000 desks which equate to 37,161sq m (400,000sq ft) of office space – according to research by serviced office broker Click Offices. It puts the size of Dublin’s serviced office market at 23,000 desks, which will rise to almost 30,000 by the end of 2019, and says there is 106,838sq m (1.15 million sq ft) of serviced office space in the capital, up from 69,677sq m (750,000sq ft) last year.
The serviced office market includes Irish providers Iconic Offices, Pembroke Hall and Glandore as well as international companies WeWork and Regus. Click claims that there are 55 serviced office providers in Dublin, with five (WeWork, Regus, Iconic, Glandore and Pembroke Hall) controlling about 55 per cent of the market.
WeWork accounted for four of the top 10 letting deals in 2018, according to agent HWBC, and the sector accounted for 12 per cent of total market take-up last year. But HWBC warns that the sector’s rapid expansion may ease in 2019, as funders and investors reassess risk and growth rates after the correction in global markets at the end of 2018.
This is Artesian’s first venture in Dublin and it hopes to follow it with others focused on Dublin city centre. Over the past three years, Artesian has opened four shared office centres in London with a fifth due to open this year.