A new recent report suggests that demand for short term serviced work place in Dublin has surged because of the Brexit vote.
The survey shows that serviced office providers are looking to fulfil a requirement of versatile space that is being fuelled by Brexit. Although some greater Brexit-related office offers have been done, most London-based legal and financial services companies who are seeking to keep passporting rights into the EU post Brexit are waiting around to see what the ultimate separation agreement would be like before committing to any major office moves. For now, they are more inclined to establish a smaller platform and utilize this as a program for expansion at a later date if possible after the Brexit final outcome.
Serviced Office Figures:
An estimated figure of 5,500 square metres of business space was taken-up in the first nine months of 2017 by serviced office providers who carve it up and sublet it on short term contracts as well as adaptable terms.
This shows a double digit growth for serviced office providers compare to last year, 2016 and a 300% overall increase since 2015 to date.
Major Serviced Office Lettings In 2017 Included:
- Iconic – 31,000 sq ft (2,880 sq m) –The Greenway, St Stephen’s Green
- WeWork – 55,000 sq ft (5,109 sq m) – Iveagh Court
- Pembroke Hall – 7,235 sq ft (672.2 sq m) – 26/27 Upper Mount Street
- Huckletree – 30,000 sq ft (2,787 sq m) – The Academy, Pearse Street
- WeWork – 50,000 sq ft (4,645 sq m) – 1 Grand Canal Quay
Due to the confusion that still exists around Brexit we would expect the affected corporates to have a play-it-by-ear approach for now. However as better clarity comes to light it is more than likely that some of the occupiers who are in serviced work place will migrate into more permanent and suitable lease arrangements.