Legal Eagles Expand As Dublin Sees Boost In Professional Services Takeup
While Workday and Vodafone Group captured the headlines for office takeup in the second quarter, global law firms are building a growing presence in the Irish capital.
Professional services accounted for 6% of new occupancy in Q2, according to Colliers, and international law firm Bird & Bird has become the latest legal company to upsize, moving to its new Irish headquarters at the top of Grafton Street at 124 St Stephen’s Green. The company launched its Irish operation in mid-2022 to position the country as a strategic gateway to Europe.
The firm has since expanded to circa 45 professional staff in Ireland and said it expects to expand its Dublin team further. The new office features bespoke pieces using Donegal tweed upholstery by Irish brand Magee 1866.
“This move is about more than a change of address, it’s a reflection of the momentum we’ve built and a statement of our ambitions and commitment to the Irish market and its role on the global legal stage,” Bird & Bird Ireland Head of Country Michael Finn said in a statement.
Meanwhile, another international law firm, Simmons & Simmons, has expanded its Dublin office's employment practice through the acquisition of CC Solicitors, based at 10 Pembroke Street Upper, Dublin 2.
“This strategic acquisition underscores Simmons & Simmons' commitment to enhancing its service offerings and strengthening its position in the global legal market,” Simmons & Simmons Ireland Country Head Rachel Stanton said in a statement.
Late last year, Addleshaw Goddard Ireland moved to new offices. It first entered the city in 2022. It has since recorded a 45% growth in revenue and increased its headcount by more than 20% to 154 staff. It said it is targeting a further 10% to 15% increase in headcount in 2025.
The firm's move to new premises at 28 Fitzwilliam, on the site of the former ESB premises, allows Addleshaw Goddard to accommodate more than 200 people across 28K SF, up 42% on its previous office space at Temple Chambers, Burlington Road.
Addleshaw Goddard signed a 14-year lease with SMBC Aviation Capital to take over the entire second floor along with a portion of the first floor of the near-zero-energy building.
The moves reflect a strong first half for the professional services sector in Ireland. In its most recent update, Colliers said occupier activity continued to be heavily concentrated in the city centre, accounting for 86% of takeup, with most deals in Dublin 2. This was followed by the west suburbs (7%), south suburbs (5%) and city fringe (2%).
The vacancy rate has decreased to 14.9%, down from 15.9% in the previous quarter and 16.6% at the end of last year. Just over 500K SF of new or refurbished office space is set to complete this year, with 80% of that already prelet or reserved.
The volume of grey space also declined to 1.3M SF, or 17% of total availability. This reflects a 15% decrease from Q1 and a 41% drop compared with the same period last year. Total takeup for the first half stood at 1.1M SF, broadly in line with the same period last year, with a further 1M SF reserved heading into H2.
