17% And Rising: Dublin Co-Working's Exponential Growth
What do you call something that accounts for less than 2% of the office market in 2016, inflates to 6.5% of the office market in 2017 and mushrooms to 17% of the office market in the first quarter of 2018?
The rapid take-off of coworking is likely to continue, following last month’s 107K SF letting to WeWork at Ballymore/Oxley’s No 2 Dublin Landings.
Data from CBRE Research showed that as much as 17% of the 898K SF first quarter office take-up in Dublin was accounted for by coworking/flexible operators. These include Iconic Offices, IWG, Pembroke Hall and WeWork. Europe’s largest coworking group, Talent Garden, also recently announced plans to provide up to 350 workspaces at the Dublin City University campus in north Dublin.
In terms of office take-up, coworking accounted for around 6.5% of the market in 2017, already four times higher than the figure in 2016, the Irish Times reported.