PRESS RELEASE: Dublin’s Serviced Office Market Grew By 30% In 2017

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January 31st 2018

A new report published by Serviced Office brokerage Click Offices has found that the Dublin Serviced Office market grew by 30% in 2017.

Over 3,500 desks came to the market in the year, and 500 of those desks are housed in one of the largest centres in the country on St. Stephen’s Green.

There was also a large increase in demand and interest in co-working spaces over the year.

The Serviced Office market rents fully equipped office spaces to businesses on flexible contracts, with internet, phone, electricity and other services typically included in the monthly fee.

The Serviced Office model is proving popular among start-ups and multinational companies choosing to locate in Dublin, as the terms are more flexible and less restrictive than the classic office model, meaning companies can upgrade, downgrade or change their space at will.

The Dublin Serviced Office market has grown by 43% in the last two years, and there was a 15% market increase in Q4 2017.

Dublin 2 is the heartbeat of Serviced Office activity in the capital, with a growth of 24% (1,700 desks) in Q4 of last year. Of the 105 Serviced Office centres in Dublin, 55 of them are located in Dublin 2. Current Dublin 2 occupancy rates are between 85-100%, depending on the centre.

Average desk cost has remained static throughout the year, with a desk costing €500 per person, per month.

Commenting on the figures, Managing Director of Click Offices, Shane Duffy said, “It has been an incredibly busy year for Click Offices and for Serviced Office centres in Dublin and around the country. Huge increases in the popularity and demand for Serviced Offices has seen occupancy rates increase and more and more desks and centres are coming to the market every month. The market will grow from here and Dublin will continue to grow and shape the market for the entire country for 2018 and beyond.”

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