Over 100,000 sq ft of new serviced office buildings opened in 2022, with an expected 200,000+ sq ft scheduled to open this year. Prominent local operators contributing to this expansion include Iconic Offices, Glandore, and Grafter.

Kim Hogan, Workthere Lead for Ireland, states:

"The flex office sector has experienced significant growth in Ireland over the past year as several international and indigenous Irish providers have expanded. Average daily occupancy levels in flex spaces are at 81%, compared to lower levels for conventional offices, although these are increasing month-on-month. In uncertain times, companies are opting for more stabilised short-term commitments, sometimes at higher rents, to avoid long-term commitments and high capital expenditure."

Serviced or managed office solutions are preferable to some businesses for their flexible terms (average term length is 12 months) and the ability for companies to quickly scale up or down in line with their business performance.

An enticing component for taking flexible office space is the elimination of cap ex costs allowing companies to manage their cash flow. Flexible offices charge one all-inclusive monthly licence/membership fee to include the private office space but also shared access to additional onsite amenities that include ample communal break out spaces, meeting rooms and lounge areas which can prove beneficial to companies trying to entice employees back into the office.

Flexible office providers often promote office attendance by offering complimentary breakfasts and hosting social or networking events onsite. Consistent with the findings of the Dublin Chamber Business Outlook Survey, launched in partnership with Savills Ireland, Tuesday to Thursday are the busiest days on site, while Monday and Friday see lower occupancy levels.

In the flexible office sector, hot desk rates range from €285 to €500 per month for full package memberships. In private offices, individual desk rates start at €500 with limited amenities, climbing to €1,000 per month with a complete suite of amenities in modern buildings.