Dublin’s Business Innovation Centre (BIC) recently launched its very own startup hub in the city to help battle the rising costs for early stage businesses in Ireland and the rising office rents.
Space@DublinBIC offers working space for 200 people from startups, entrepreneurs, freelancers and everyone in-between.
— StartupDublin.com (@TechinDub) June 29, 2017
Ideally situated in the city centre on Dawson Street, it’s a prime location for anyone who’s looking to base themselves centrally but still have the option of every transport mode possible on your doorstep.
With 20 private offices in the building already sold to companies like RecommenderX, Travel Tech Labs and Swiftqueue, there’s no denying that the demand is there.
Supply and demand
In fact, the first quarter of 2017 has shown an an 11 per cent rise in the take-up of office space in Dublin in comparison to the same period of the previous year, according to a report into the market by JLL.
JLL’s report showed that technology companies accounted for 45 per cent of the spaces now occupied.
Dublin’s office space vacancy rates are concerning though. In the last five years, it has fallen from 21.4 per cent to 7.8 per cent and even less with a 3.9 per cent vacancy rate in the city centre. The European average vacancy rate stands at 8.5 per cent so new builds and spaces like Space@DublinBIC are exactly what the city needs.
Looking to the future
The future looks bright for Dublin’s businesses, with over 5 million sq ft of office space set to be under construction for 2017 at the beginning of the year and approximately 3 million sq ft still available as of the the second quarter of the year.
With the increase of businesses interested in Dublin as a home post-Brexit, planning is already underway to support the demand we are going to face in the coming years.
Those choosing Space as their base will have access to Dublin BIC’s wide range of programmes and events. Helping entrepreneurs to start and scale, the organisation offers investor-ready preparation, incubation and access to finance and events. As a public-private business support group, Dublin BIC works with state agencies and private sector investors to support entrepreneurs as they build the next generation of successful Irish businesses.
Speaking about the benefits of co-working in the city, Michael Culligan, CEO, Dublin BIC said:
“Having a dedicated space from which to work and conduct business is vital for companies in their early stages. But in a city in which only about 3% of office space is vacant and prices are reaching record highs again, entrepreneurs and freelancers are finding themselves unable to access office space from which they can hire talent, scale and access customers easily.
“With the city centre being increasingly dominated by bigger corporates, it is important that we work hard to ensure there is a healthy ecosystem of business – large and small, established and early-stage. By choosing to locate themselves in Space, start-ups and scale-ups will not only benefit from being immersed in a hub of entrepreneurship, but they will also be surrounded by the supports they need to ensure their company is a success.
“It is not just the space that is important. We create a fantastic entrepreneurial community with lots of events, networking and social activities designed especially for the fast-growing entrepreneurial companies. ”
Space@DublinBIC offers clients a dedicated desk for €375 per month or a hotdesk for €200 per month. A five-day hotdesk pass can be secured for €59. Space will also accommodate those outside Dublin with flexible packages. Companies and entrepreneurs will have access to 1GB Wi-Fi, an on-site café, storage facilities and meeting rooms.