WeWork Is Already Dominating Dublin's Co-Working Market As It Signs For Third Location
Co-working giant WeWork has signed a deal with Irish property firm Ballymore to lease 107,600 SF in Dublin's docklands.
The $20B company will move into No.2 Dublin Landings beside the new Central Bank headquarters on North Wall Quay.
The news comes just ahead the opening of WeWork's first Dublin location at Iveagh Court in Dublin city centre in June. The company is expected to move into the dockland's office space in October.
In addition to offices, restaurant and retail facilities, there are also plans for 288 apartments in the development.
“Our Dublin locations have proved fantastically popular and we’re thrilled to be expanding our portfolio by adding a further WeWork location, this time in the architecturally impressive Dublin Landings,” WeWork Executive Vice President of Real Estate Patrick Nelson said.
Speaking about why Dublin is the next logical step for WeWork, Nelson told Bisnow: "Dublin is an obvious choice for us for so many reasons ... Dublin’s reputation as a centre for innovation, media, business and technology makes it an incredibly important city for our members, and we can’t wait to open here."
“Our vision for Dublin Landings has always been to create a culturally rich, inspiring community in the Dublin Docklands area,” Managing Director of Ballymore U.K. and Ireland John Mulryan said.
“A feature of our developments is placemaking, where we ensure that the buildings are integrated with the environment and public spaces and that they become the heart of the community.”
WeWork's strategy in London has been to expand incredibly quickly and trust that customers will fill its space to justify that expansion — it has become London's biggest private sector office tenant in just three years.
Its current growth is predicated as much on signing leases with larger corporates as the individuals and startups that fuelled its early growth.