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Published in Commercial Property on 25/02/2020

Take Up of Flexible Office Space Moderates

CNI Editor reports

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.”