Dublin Flexible Office Market Overview 2024

‒      The evolving, more flexible nature of the modern workplace has resulted in more Dublin office occupiers seeking flexible, short-term office real estate solutions

 

‒      The Dublin market and many of its occupiers are currently in a transitional phase as they adapt to increased hybrid working arrangements and are structuring their real estate portfolios accordingly

 

‒      Higher fit-out costs and financing costs are also pushing occupiers away from making larger, long-term real estate decisions that require capital expenditure at this point.

 

‒      Flexible, cost-effective, short-term arrangements are an ideal solution

 

‒      Despite softer sentiment within the office market generally, the serviced/flexible office sector in Dublin is bucking this trend and achieving strong take-up, rents, and lower levels of vacancy

 

‒      CBRE Research has held discussions with and surveyed the leading flexible office operators in the city in relation to key metrics in their market

 

‒      The vacancy level among these operators' portfolios at the end of December 2023 stood at 7% in the core city centre locations of Dublin 2 and 4, while rents of €600-€900 per desk per month are being achieved for prime space

 

‒      Further serviced office supply is due to come available in 2024 with the launch of several new schemes totalling a combined 9,383 sq m (101,000 sq ft)