Coworking Sector The One To Watch After Taking 18% Of CBD Space In 2018
New figures from Cushman & Wakefield reveal that while flexible workspace providers accounted for 12% of office take-up in Dublin in 2018, this rose to an 18% share of space in the central business district.
The agency said a total of 332K SF of flexible workspace was occupied in Dublin during 2018, while almost the same amount again (331.5K SF) was either signed, pre-let or reserved by coworking providers including WeWork, Iconic Offices and Regus at the end of the year.
The agency said WeWork accounted for 78% of the space occupied by coworking providers during 2018. And it’s also likely to be a strong player this year with more than half of the flexible space already agreed for 2019 committed to WeWork.
According to Cushman & Wakefield, the growth of this sub-sector is causing industry stakeholders to consider the implications for traditional office space and look at their approach in terms of flexible lease terms and improving their technology and office hospitality offerings.
“The coworking sector in Dublin saw incredible growth over the past 12 months,” Cushman & Wakefield Ireland Head of Offices Ronan Corbett said. “This sector is without doubt one to watch, as occupier requirements and needs are evolving in line with technological advances and changes in the way we work and do business.”