Workday's New Dublin Lease Is Europe's Largest Office Deal In 4 Years
Human Resources and payment processing giant Workday has agreed to a 416K SF office letting at M&G Real Estate and Marlet Property Group’s College Square scheme.
The long-anticipated deal will unify California-headquartered Workday’s 2,000 Ireland-based employees from two locations into one single hub.
It is the largest single European office letting since 2021.
Workday will occupy the entirety of College Square’s office space. The remaining space at the 22-storey building, the tallest in Dublin, comprises 58 residential rental units and ground-floor retail. The building is due to complete in June, and Workday is expected to start its fit-out soon after.
Last month, Savills predicted that the Dublin office market was poised for a significant recovery in 2025 driven by rapidly falling vacancy rates, major corporate commitments and “surging demand” for top-tier office spaces. Prime office rents rose 4% year-on-year to €65 per SF in Q4.
The report highlighted a trend toward larger office requirements, with the average deal size increasing by 57% year-on-year over 2024, and it cited diminishing availability, a sentiment emphasised at Bisnow’s Dublin Real Estate Outlook event this month.
“I think the bad news is behind us,” Eagle Street Partners CEO Shane Scully said at the event.
The mixed-use College Square scheme is targeting a LEED Platinum certification, and occupiers will have access to a ground-floor auditorium, a winter garden, 10K SF of outdoor terraces and 510 bicycle storage spaces.
“Workday’s letting is a significant vote of confidence in the enduring appeal of the city as Europe’s leading destination for global tech businesses,” M&G Real Estate Deputy Global Head Martin Towns said in a statement.
