According to Savills’ office brokerage services arm Workthere, WeWork’s turbulent year led to a 73% reduction in space leased by flexible office operators in Dublin last year.
The company has only gone forward with just two out of the seven deals it planned on opening in the city, which saw leased space fall from 410,266 square feet to 109,710 square feet.
“The take-up volumes of flexible space recorded in 2019 reflected more normalised levels, which Worktehre.ie expect to continue throughout 2020,” said Michael Healy, Savills Ireland director and Workthere.ie head.
The research found 27% of companies that took up flexible office space in Dublin last year were new companies
Additionally, flexible offices account for only 2% of overall office space in Dublin, down from 11% in 2018.
Currently, WeWork has five locations in the city, with IWG accounting for 96% of all space leased by operators in 2018. Together, their share of the market was reduced to 55% last year.