Us&Co, the London based co-working and serviced offices provider, has acquired 5 School House Lane, a 16,000 sq ft newly refurbished office building in Dublin’s CBD.
The company’s expansion to Ireland is a consequence of Ireland’s economic growth coupled with the UK’s Brexit vote and the firm aims to attract some of the many new businesses currently seeking high quality flexible office space in Dublin.
It follows an emerging trend in Dublin which has seen significant growth in the serviced office market, indeed 20% of all lettings completed in quarter 1 this year were to serviced office providers.
According to Savills Ireland whose online serviced office brokerage platform Workthere sources space for tenants, demand for flexible office space has grown significantly due to a lack of high quality modern office space under 2,500 sq ft and demand for flexible project related space.
Us&Co will become the first co-working office to open in such a prime city centre location. 5 School House Lane is less than 5 minutes on foot to St Stephen’s Green, and an even shorter stroll to the premier thoroughfares of Dawson Street and Grafton Street.
Us&Co are undertaking an elaborate fit out of the office building which will have capacity for up to 270 desks. With doors opening in October, the space will offer bespoke flexible work areas from self-contained private offices with terraces to hot desks and co-working facilities. Clients will be able to rent a single desk by the month, have their own floor with 50 or 70 desks or a range of smaller offices.
The ground floor of the building will have several meeting rooms and a club space with a striking copper bar surrounded by café tables, a sofa and chairs where clients can relax, meet and network or entertain guests. The space can be hired for events, drinks receptions, parties and other social gatherings with a wide range of catering options. Secure bike racks and shower and changing facilities will also be provided.
Space in 5 School House Lane is already being snapped up prior to opening with two UK based finance companies committing to the building. There has been general interest from a variety of prospective tenants including UK and American based companies seeking a Dublin base.
Mark Breen of Us&Co. commented:
“We are hugely excited to be opening our first co-working office in the prime area of Dublin and look forward to welcoming some great companies to our new building. 5 School House Lane will be fully fitted out to the highest standard to match the location. We have a track record of accommodating both start-up businesses and progressive global enterprises in London and we look forward to seeing similar companies flourish at School House Lane.”
Christopher Boyce of Savills Ireland commented:
“We are delighted to have secured 5 School House Lane on behalf of Us&Co. The success of Us&Co in London is based on great locations with exceptional buildings and School House Lane fits into this mould. The renowned cachet of this location around the prime belt of Dawson Street, Molesworth Street and St Stephen’s Green will make Us&Co an attractive option to businesses seeking a very high standard of flexible work space.”
Molesworth Street which lies parallel to Schoolhouse Lane has recently witnessed the development of four new office buildings, attracting the likes of Barclays, AIB, Maples FS and Jet.com to the area.