In 2024, an impressive 3 out of 4 of Dublin's serviced office transactions were concentrated in the highly sought-after Dublin 2 area, according to the latest data from Workthere – Savills flexible office specialist.
Dublin 2's appeal was broad-based, attracting a diverse range of sectors with tech companies leading at 36%, followed by professional services at 24%, and financial services at 12%. The majority of deals involved SMEs looking for offices with up to 25 desks, reflecting the hybrid working trend and the use of shared amenities on busier days.
Looking outside of Dublin 2, the IFSC, docklands, and suburban areas such as Sandyford and Dublin airport also proved popular for flex office take-up in 2024.
Notable New Openings and Trends:
- Amenity-Rich Spaces:
- The concept of 'commute-worthy' spaces resonated throughout the year, with businesses valuing enhanced amenities such as sophisticated meeting rooms, dedicated phone booths, and versatile lounges.
- Community and Engagement:
- Onsite events ranging from pizza and beer evenings to yoga classes highlighted the shift towards offices being community hubs, facilitating networking and collaboration.
- Technological Advances:
- A rise in specialised apps helped employees manage their workspace needs more efficiently, from desk bookings to meeting room reservations, showcasing a tech-forward approach in the flexible office space. Further technological advances are anticipated in the coming years as the impact of AI on the industry takes effect.
- Prime Locations:
- The opening of Iconic Offices at Hume Street House and other developments in 2024 exemplified the ongoing demand for spaces that combine historical elegance with modern amenities.
Looking Ahead to 2025:
The upcoming year is poised to see continued growth in the serviced office sector with new openings by IWG and Clearspace, which are set to further enhance the flexibility and diversity of workspace options.
Kim Hogan, Head of Workthere Ireland, stated,
"The flexible office market in 2025 will focus on delivering spaces that align with companies’ core values of inclusivity, sustainability, and community involvement, with a heightened emphasis on service quality."
As the boundaries between traditional and flexible office setups continue to converge, Workthere Ireland expects an expansion in landlord portfolios dedicated to managed and serviced offices, facilitating a broader range of choices for businesses.