房地产 -2026年都柏林灵活办公市场 Dublin Flexible Office Market 2026

Adaptivespaces

Marketoverview

1.7msqfttotalflexmarket3.2%ofofficestockpsfprimemanagedoffice90%occupancy

2025wasapivotalyearforDublin'sflexibleofficemarketasstrongmarketfundamentalspromptedthepenetrationratetorisefrom2.5%to3.2%oftotalofficestock.Risingdemandforagileworkplacesolutionsisreinforcingthemarket'scontinuedmomentum.

Totalstockcurrentlystandsatabout1.7millionsqftandoccupancylevelsinprimelocationsexceed90%.Flexibleofficesolutionshaveincreasinglybecomeastrategicalternativetotraditionalleasingmodelsforsomecompanies.

metrics,thesectorisdemonstratingmaturitythroughpremmletcommitmentsforpremiumspacesandtheadoptionof

partnershipmodelsthatbalanceriskandreward.Asoccupierscontinuetoprioritiseagilityandexperience,andlandlordsseekstrategiestofuture-proofassets,flexibleofficesarepositionedtobecomeacornerstoneofthecity'sofficeecosystem.

combinequality,adaptability,andlong-termvalue,

2026.weconductedasurveyoftheleadingoperatorsinDublinaslistedontherighttoformthebasisofthispublication,determiningoccupancylevelsacrosstheiroperations,sourcesofdemand,andexpansionplans.Theseinsightshavebeenintegratedthroughoutthereport.Alloperatorsreportedstrongresults,withlowvacancylevelsacrosstheirportfoliosandhighdemandfromoccupiers.

weworksonbrook

'Glandore,

3CBRERESEARCH©2026CBREAdvisory(IRL)Ltd.

primepricingreaches200psf

RentlevelsforenterpriseandHQofficefloorsarenowreachinguptopsfinsuperprimelocationsamidcontinuousdemandforflexiblesolutions.Afocusonamenity-richspacesratherthanthenumberofdesksisthedrivingforcebehindthis.Thisvaries

dependingonlocation,howeverthefiguresindicatetheabilityofflexofferingstodeliverpremiumpricingwhereamenityandlocationalignwithoccupierexpectations.

Deskrateshavealsoincreasedattheupperendoftherangewithprimelocationsnow

between800per

desk.

Dublin2

mm

NorthDocklands

southDocklands

Dublin4

Dublin8

FIGURE1

MapofDublincityofficedistricts

source:CBREResearch

4CBRERESEARCH©2026CBREAdvisory(IRL)Ltd.

Demandforflexcontinuestogrow

Thehighlightsagrowingappetitefor

flexibleworkplacesolutions.Thereisacleartrendthatfirmshavebeenexecutingthose

plansas21%ofspaceoccupiedbyrespondentsisinflexiblesolutionsversus7%threeyearsag0.

Asnotedintheoccupiersarecontinuingtoseekgreaterflexibilityinrealestatespacestoavoidovercommitmentandallowincreasedabilitytoadapttorapidchangeandincreasinguncertainty.Thisisdrivingdemandforflex

productsandarebalancingofriskbetweenoperators,occupiersandlandlordsistakingplacethroughnewmodelssuchasmanagementagreements.IWG,theworld'slargestflexnetwork,onlysignedtraditionallong-termleaseson3%oftheir620newcentreslastyearwhileIndustrioushasalmostexclusivelygrownthroughthesemanagementagreements.

Expansioninthelocalmarket

Localoperatorssuchasstudio,IWG,lconicofficesandclearspacehaveeachexpandedtheirportfoliosin2025andplannedforfurthergrowthin2026.studio,IPUTRealEstate'sflexibleofficeandamenityplatform,haveincreasedtheirfootprintto18workspaces

totalling110,000sqftatthestartof2026andhaveacquiredtwoadditionalbuildingsonststephensGreenforfurtherexpansion.Meanwhilelconicofficesopenedthelargestflex

buildinginthemarketat38Humestreettotalling73,000sqft.

InternationalbrandsareactivelyexploringentryintoDublinthroughmanagement

agreementsandrevenuesharemodels.Thesestructuresallowlandlordstointroduceamenity-richflexiblespaceswithouttakingontheoperationalcomplexity,whichcanprovidepotentialsolutionstohelpre-energisesecondaryspaces.

FIGURE2

whatpercentofyour

portfolioismadeupofflexibleofficespace

today,andintwoyears?

FlexTodayFlexin2years

2022n202320242025

source:CBREofficeoccupiersentimentsurveys20222025

5CBRERESEARCH©2026CBREAdvisory(IRL)Ltd.

whatdoesoccupierdemandlooklike?

Demand

themajorityofdemandisfromthetechandprofessionalservicessectors

OO

18-24months

averageterm

occupierscontinuetoavoidlargeupfrontcapitalexpenditure,optinginsteadforturnkeysolutionsthatdeliverspeedand

convenience.

Thisisalsoevidentinthetraditionalofficemarketasmanytenantslooktooccupyfittedspaces.Amenity-richenvironmentsand

hospitalitymmgradeserviceoftendescribedasthehotelificationofofficespace-remaincentraltooccupierexpectations·

Revenuemmsharestructuresandmanagementagreementsare

becomingmoreprominentacrossEuropeandweexpectthesewillgaintractioninDublin.Thiswillallowlandlordstounlock

underutilisedspacewhilemeetingoccupierdemandforagilityandexperience.

Below10%

Management

agreementsarebecomingmoreprominent

Reflectingtrendsseeninthetraditionalofficemarket,themajorityofdemandisfromtechandprofessionalservicesfirms.Alcompaniesinparticulararefeaturingamongrequirements,whileprofessional

servicesfirmsarealsoactiveinthemarket.

vacancyrateacrossthecity,lowerthantraditionaloffices

6CBRERESEARCH©2026CBREAdvisory(IRL)Ltd.

Breakingdownoperationalmodels

Therearefourmainoperationalmodelsthatlandlordscanusetoincreasetheirflexibleofficefootprintandoccupierscanutilisetoexpandtheiroffering.

1.TraditionalLease

offerslandlordsincomestabilitythroughthecontractedpaymentofrent.Thesewill

followtypicalofficemarkettermswhich,foroperators,meanscommittingtoabuilding

for10+years.

2.Revenuemmshare/HybridLease

TheoperatortakesaleaseatabaserentdiscountedfromERV,withthelandlord

fundingthecapexandfullfitoutrequiredtodelivertheflexibleworkspace.operatingrevenuesaresharedbetweenthelandlordandoperator,allowingthelandlordtosecurethediscountedbaserentplusaproportionofturnover,andaligningbothpartiesaroundoccupancy,pricingandoperationalperformance.

3.ManagementAgreement

Thelandlordretainsownershipofthepropertywhileaservicedoperatorisappointedtomanage,market,anddeliverflexibleworkspaceservicesonthelandlord'sbehalf.The

operatortypicallyreceivesamanagementfee-oftenincludingaperformance-based

componentwhilethelandlordmaintainscontroloftheassetandbenefitsfromthe

incomegeneratedbytheflex-spaceoperation.

4.ownplatform

providesmaximumcontrolandpotentialforvaluecreation,butrequiressignificant

expertiseandinvestment.Italsocomeswithdecreasedincomestabilityasnorental

incomeisguaranteed.

FIGURE3

Revenue-sharevsmanagementagreements

>predictablebaseincomeforlandlord

>operatorretainsoperationalautonomy

>Landlordparticipatesinflexspacegrowth

>Landlordmmfundedcapexreducesoperatorburden

>Assetcontrolretainedbythelandlord

>Alignmentofincentives

>Lowerriskfortheoperator>Flexibilityforthelandlord

>Landlordcarriesoutupfrontcapexandfitmmoutcost

>operatorstillholdsleaseliabilities

>Revenuereportingandauditingrequirements

>potentialmisalignmentif

performanceunder-delivers

>Greateroperationalriskforthelandlord

>Higherinvolvementrequiredfromthelandlord

>potentiallylowerupsidefortheoperator

7CBRERESEARCH©2026CBREAdvisory(IRL)Ltd.

Fulloccupancyatonecentralplaza

within18monthsofopening,weworkatonecentralplazahasreached100%occupancyaheadofitstwo-yearanniversaryinJune.Furtherhighlightingthedemandforthisworkplace,thereisawaitinglistin

placefornewoccupierslookingtotakespacehere.Amenities:

privateofficefloors

-Co-workingfloors

Eventspace

wellnessroom

-on-siteteam

100%

ofspaceislet

2024

opened

weworkx

73,000saft

offlexiblespace

8CBRERESEARCH©2026CBREAdvisory(IRL)Ltd.

9CBRERESEARCH©2026CBREAdvisory(IRL)Ltd.

clearspacegrowsto18buildings

clearspaceisanIrishoperatorofmanagedofficesinDublin.Foundedin2019,thecompanyhasgrownto18buildingsacrossthecity,operatingwithacombinationofbuilding

ownership,leasesandpartnershipswithbuildingowners.Thefocusisonprimelocations,withhighpublictransportconnectivity.

clearspacehaveadoptedamanagedofficemodel,whichdiffersfromthetraditional

servicedofficeapproach.servicedofficeswereoriginallybuiltonoperatorstakinglong

leasesfromlandlordsandthenprovidingafullyservicedworkspacetotenants.Incontrast,themanagedmodelisstructuredasapartnership:theoperatorworksdirectlywiththe

landlordunderarevenueshareagreement.Theoperatorredesignsandmanagesthespace,whilethelandlordreceivesashareoftheprofitsinsteadofrelyingonatraditionallease.

Thismodelisattractivetobothpartiesandisincreasinglybecomingmoreprominentin

Dublin.lthasallowedclearspacetoexpandtheirpresencewithnewopeningslastyearat22/23upperpembrokestreetand21Hollesstreet.Thefirmplanstoaddtwobuildingsthisyear,withafocusonlargerscaleproperties.

10CBRERESEARCH©2026CBREAdvisory(IRL)Ltd.

Humestreetsetsrentalbenchmark

completedin2025,3mm8Humestreetisasupermmprimeofficelocatedbesidest.stephen'SGreen·

operatedbyIconicofficesonarevenuesharedealwiththelandlord,thespaceprovidespremium,amenityrich,workspacesandprivateofficesuites.

Demonstratingthedepthofdemandforsuperprimespace,30%ofthe73,000sqftbuildingwaspremmletpriortocompletion,pre-letsareuncommonintheDublinflexmarketandisreflectiveofamaturingofthesector.Thisbuildingisnowsettingthebenchmarkforsuperprimerentsbyachievingupto

Amenities:

on-sitegymandshowers-Bicycleparking

Multipleworkspacetypestosuitdifferentneeds

-on-sitecommunityteam

psf

rentsachieved

2025

opened

30%

ofspacewaspre-let

11CBRERESEARCH©2026CBREAdvisory(IRL)Ltd.

12CBRERESEARCH©2026CBREAdvisory(IRL)Ltd.

keytakeaways

MANAGEMENTAGREEMENTSANDREVENUE-SHARESTRUCTURE

Managementagreementsandhybridrevenue-shareleaseswillcontinuetogaintraction,enablinglandlordstounlockvalueinunderutilisedspacewhilemeetingoccupierdemandforagilityand

experience.

OCCUPIERSINCREASINGLYFAVOURFLEXIBILITY

Theabilitytoadapttochangesquicklyisextremelyattractivetooccupiers,especiallyduringtimesofuncertainty.Mediummmtermflexibilityandahandsmmoffapproachtomanagingrealestate

footprintsisdrivingdemand.

NEWPRIMERENTSAREBEINGSETFOLLOWINGSUSTAINEDDEMAND

Followingstrongactivityinthemarket,newsupplyhasbeenaddedtobringthepenetrationrateupto3.2%.upwardpressureonrentsremainsasratesforsuperprimestockincreasedfollowingoccupierscompetingforthebestofthebestspaceinthecoreDublin2area.

contacts

Research

colinRichardson

Director

Research&consul