Office Overload: Dublin space guiding at 18.5 million

Office Overload: Dublin space guiding at 18.5 million

22nd October 2018 Off By Chloe Sullivan

At Abodoo, we often talk about cutting cost as being one of the primary advantages of SmartWorking and at times it can be difficult to convey this benefit without real facts and figures. This week saw reports published on the prices of Dublin Office Spaces and the reality is frightening..

Local offices selling to the international market

With Dublin’s International Financial Services Centre in constant demand by investors and tenants, FBD Insurance plans to capitalise on its landmark office investment over Connolly Railway Station by selling it on the international market. The block is the final commercial property asset held by FBD as it simplifies its investment portfolio, according to The Irish Times.

It is reported that McCaffrey is seeking in excess of €18.5 million for the three-storey office building as the investment itself produces an annual income of €1,026,557. The guide price reflects a capital value of €6,025 per sq m (€559/sq ft). The rental value of the property is estimated €42.50 per sq ft.

Killer Views

Undoubtedly, the property boasts a number of tempting features. The elevated modern office building enjoys unobstructed natural light with panoramic views of Dublin city landmarks including George’s Quay, Croke Park and the docklands.

The location is easily accessed and well connected by public transport. Connolly Station is served by the Dart, Luas and mainline railway services while Busáras is on the opposite side of the road and is well served by Dublin Bus.

The reality

Plush, modern office spaces are everyone’s dream. Let’s be honest. But are they worth the financial commitment? Pumping thousands upon thousands into renting office spaces seems counter productive when you could benefit from the modern, fully equipped co-working spaces that our beautiful country has to offer. Productivity levels are on par and employees enjoy the diversity of the work space as they get to network and interact with other employees of expertise. Payment plans for co-working spaces are typically offered on a day, week or monthly basis so you can tailor your plan to suit your work needs. Co-working spaces are a no brainer.

All roads lead to #RuralRegeneration

In addition to the abundance of SmartWorking spaces on offer in Ireland, we are passionate about regenerating rural parts of Ireland. In Budget 2019, the Minister for Finance Pascal Donohoe announced an additional €55 million to invest in rural towns and villages through the €1 billion Rural Regeneration and Development Fund which begins in January, 2019. The update was welcomed by Ministers Kyne and Ring,

“I am delighted that this funding allocation allows me to continue the great work we are doing throughout rural Ireland and within our communities. It also allows me to progress the Rural Regeneration and Development Fund announced as part of the National Development Plan, with €55 million in capital funding allocated to this fund in 2019. The allocation of significant additional funding to my department demonstrates our continued commitment to supporting rural and community development across Ireland.”

The allocated budget will go a long way towards boosting the economies in our rural areas in order to gain traction and ultimately attract Foreign Investors to set up outside the central hubs. We owe it to the people of Ireland to ensure that the entire island can reap the benefits of our skill sets to potential investors. As a nation, we work too hard in educating and upskilling to simply let our workforces continuously emigrate to other countries for, ‘better opportunities’. We want to be able to offer the same opportunities, here!

By supporting local co-working hubs and introducing SmartWorking initiatives, you are contributing to #RuralRegeneration! Interested in a SmartWorking role? Click here

Alternatively, you can view our list of modern co-working spaces available to rent around Ireland here

We look forward to hearing from you!