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CO-WORKING OFFICE GIANT WeWork has no plans to expand outside Dublin in the near future as it focuses all of its attention on growing its presence in the Irish capital.
The company’s head of real estate for Europe, Patrick Nelson, told Fora that WeWork aims to have at least five locations for each city in which it has a presence.
It has already hit that mark in Dublin, with two sites already open and another three in confirmed in the pipeline.
They include one of the capital’s most high-profile locations: the former Central Bank building on Dame Street, now known as One Central Plaza, all of which will be leased by WeWork.
“I personally like to have a minimum of five buildings in any given city, because that’s the moment that members start to recognise that this is something much greater than some office space,” Nelson said.
He added that he had no concerns about finding suitable properties for WeWork to grow further in Dublin, despite high demand for office space - particularly among tech firms.
“We’re always interested in expanding our community, but for the time being the focus is on Dublin.
“As a market, I think it’s got a great combination of historic qualities and high-quality new developments. We’re happy as a business to operate in multiple different types.”
WeWork has 6,500 ‘members’ signed up for its sites in Dublin, although it deploys fewer desks as the figure also includes workers on hot-desking setups.
It has leased around 30,000 sq m of total space across the five offices, while the company is believed to be hunting for more locations in the city.
Enterprise
WeWork, which was founded in 2010, started with a view to providing office facilities to startups and small businesses unable or unwilling to take out long-term leases.
However 500 offices and a $20 billion valuation later, the US company has wholeheartedly opened its doors to large businesses and enterprises. Microsoft and tech firm Twilio now occupy swathes of space in its Dublin buildings.
Nelson said that enterprises account for around 30% of its network globally today and that will increase to more than half eventually.
An increasing number of WeWork members were also opting for agreements for periods of longer than 12 months, he added.
“Dublin is a very healthy market for us in terms of enterprise,” he said.
“What we found very organically is that larger companies and enterprises were coming to us and saying the same things that the small businesses were.”
Despite the large presence of multinationals in its offices, Nelson said that the company would ”always remain true to the entrepreneurs, smaller businesses and startups”.
He said that many larger firms in WeWork offices find it easier to attract and retain talent, collaborate with other companies or use the spaces as a means to set up a base in a new market.
“You see a lot of large businesses wanting to behave like small companies, and I think a lot of small companies now look at large businesses to understand their relevance and best practice,” he said.
Competition
In recent years, Dublin has seen an influx of co-working spaces, including Huckletree and Talent Garden, which recently opened on DCU’s campus. These are on top of long-standing facilities like Dogpatch Labs, in the CHQ Building.
Commercial property specialists CBRE predicted earlier this year that flexible workspace providers like WeWork and its competitors were likely to be the winners of Dublin’s office space shortage as firms looked to expand their presence in the capital.
Nelson said WeWork was “very aware” of its rival operators, however he said offering physical space was only one part of its pitch to clients.
“Over half of our members are actually entering into business transactions with other WeWork members,” he said.
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Written by Jonathan Keane and posted on Fora.ie
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There’s an awful lot of people in this country that have worked hard to be able to get a deposit together to buy a home and pay a mortgage. Though no fault of their own, they seen their pay decimated and jobs disappear. There should be a total ban on repossession proceedings starting until 18 months after the Covid crisis is declared over. No point in compounding an already terrible housing situation by make more people homeless. There’s very few “legitimate” buyers out there to buy repossessed houses at the moment. We’ll be left with foreign vulture funds buying up our housing stock.
@Nomad: what about the cases where a tenent can and just refuses to pay rent? Should they even though they have the money to pay just refuse. What should happen to those people?
@Chris Mc: I’m talking about honest and hardworking people – anyone taking the p1ss should be dealt with accordingly.
people are unable to pay a mortgage on €203 a week and should definitely get help,
and as usual it’ll be the landlords to get financial help, not the tenants…
@Mr A: what financial help do you think landlords are getting or get? Right now they cannot do anything about tenants not paying rent
@Craic_a_tower: untrue. There is financial assistance to landlords. The first is the mortgage break and the second the same available for other businesses and self-employed. The RTB has assisted them, the landlords, to get this money.
The expectation is the landlords transfer it to the tenants, by rent breaks, rent reduction and writing off rent in arrears. There isn’t any reason for kicking a family out of their home. Only the Dole landlords are trying to kick out people before the Authorities Carey’s out checks, a screening
If there are people who claimed the PUP four times …. It is realistic to landlords have done similar fraudulent claims …. the only way to get away with it is by creating a tsunami of homelessness
We’ll see what the Cabinet decided today, would they go against the Health executive?
@Maria Quinn: I asked a question so how is it untrue? The mortgage break costs money the landlord pays. The RTB are not giving money to landlords. Why do you expect landlords to subsidise people and take a hit? You seem to be under the impression it costs them nothing. If somebody isn’t paying rent who exactly do you think should foot that bill? Are you expecting any other industry to give their services for free? Or paying for something seems like a very valid reason to not provide a service.
If people are acting fraudulently what has that got to do with landlords? My tenants are getting more money as they are students only allowed work a limited time but getting full PUP. Why would I reduce their rent?
@Craic_a_tower: some people don’t understand how it works so they take their anger out on landlords.
The valid argument for them would be to state that government should ban investment into residential property apart from if its your own primary residence.
Otherwise by just saying landlords should foot the bill is akin to them saying a person who say invested €100K into a Dominos pizza franchise should give out free pizza.
@Mr A: what financial help exactly do landlords get
The solution is instant affordable legal assistant. People needs a solicitor to assist them to renegotiate the mortgage, to engage with the banks at earlier stages.
The creation of a quasi-judicial body without providing solicitors wouldn’t resolve anything at all.
Banks are not employers, neither landlords. Banks and financial institutions are heavily regulated, screens and controlled.
The language and formalities are the issue, the ability to get a solicitor is crucial for these families
Free Legal Aid has waiting times of over a years, 56 weeks in same centres. They do not take “property” cases, meaning any case to help the people keeps their homes, both owner and tenants. They are by Law banned in quasi-judicial bodies. In quasi-judicial bodies a team of barristers and solicitors are permitted …. like a Court room … but without the chance to be refunded for the legal costs …. and as private solicitors say – there isn’t any money in quasi-judicial proceedings, they don’t worthy their time-
And then, there is a specific free legal aid for those who face deportation ….. pure non sense …. people can stay in the country but people cannot stay in their homes, totally absurd
If they can place a ban on renters being evicted the same should apply for home owners
It’s one rule for the tenters and another ridiculous rule for homeowners
have your say