Once you’ve decided that Ireland is the place where your business needs to be, you’ll have to find a home in which to grow. How you go about doing that will depend on many factors, including the location that suits your business best, the type of property that your business requires, how much space it will need and how many people you employ.
Start your search for the perfect commercial property in Ireland
If your business currently employs 40 people or more, working with IDA Ireland will probably make a lot of sense for you. Helping your business to locate suitable and available commercial property is just one of the services that IDA Ireland offers to potential client companies. Once you’ve engaged with IDA Ireland, the team there will arrange site visits for you in Ireland. They’ll take you to see whatever type of property you’re interested in, from business parks to funky office space or property within a business cluster relevant to your industry.
If your business employs fewer than 40 people or you have been in operation for less than two years, you will have to look at alternative means to locate your perfect new home. There are plenty of online services that can help you to do that including
Plus, numerous commercial real estate agents, many of which are part of globally-branded groups, all of which provide contact details online.
Review current trends in the Irish commercial property sector
However, even before you begin the search for your perfect property or site, you may wish to review the trends that have emerged in the Irish commercial property sector over the past few years.
The national newspapers provide a wealth of useful information about current trends in commercial property and about specific available sites.
Society of Chartered Surveyors Ireland (SCSI) produces many detailed reports and surveys that are available only for its members, but also makes available to the public key reviews and outlook documents.
As the Irish economy has recovered, so too has the price of rents, particularly in the office rental market. In its Residential and Commercial Property Review and Outlook 2018, SCSI reported that investment remained strong during 2017. SCSI noted that Prime Grade “A” office rents expect a 5 per cent year-on-year increase in the Dublin Region in 2018. With demand levels for office space predicted to sustain into next year, an upward pressure on rents is expected in 2018.
Meanwhile, SCSI, again in its Property Review and Outlook 2018, noted that Dublin logistics and industrial rents are among the fastest growing in EMEA. All areas of the country are expecting an increase in industrial sector rent prices, with the largest expected in Munster as a result of a predicted 9% increase in prime rents, both above and below 500m². In terms of take up of industrial space, figures indicate strong take up, with take up being particularly strong in Cork.
Flexible spaces for businesses that expect to grow
With the Irish economy surging ahead over recent years, businesses have become particularly mindful of their potential future growth when they review properties. This has led to the emergence of some trends that may be of interest to fast-growing investors seeking to locate in Ireland.
Lisney, an Irish real estate company, posted an article recently that details what they think will be the most pertinent trends in the commercial property sector in 2018. Some of these trends include the reimagining of brick and mortar stores; the normalisation of omnichannel – that is the seamless customer experience between all touchpoints with a business, whether that be in-store, desktop or on mobile; IoT (internet of things) and smart tech will see big changes in the sector also. The trend that particular attention should be paid to is the trend of changing lease lengths. According to Lisney, leasers will look to shorten the length of leases. While longer term ones are currently the norm, leasers will look towards leases with break options and one-off/pop-up ventures, as well as shorter term ones.
There is also a growing trend for small and temporary subleasing. This is particularly evident in the tech sector where short leases that allow for fast scaling are often favoured. To cater for this type of business and any investor who wishes to establish their business in Ireland with a small team, there are much smaller sublets and serviced offices available, plus shared spaces where businesses rent per desk, often by the month.
The Digital Hub is a nine acre site in Dublin City Centre that houses a vibrant community of technology and digital content businesses. It was established in 2003 by the Irish Government in order to create a space that would foster creativity and innovation. It aims to offer flexible, affordable office space that is ready to go. Previous tenants include DC Studios, Amazon.com and Etsy and the Hub currently houses dozens of clients including Eventbrite, Lonely Planet and Living Social. Visit their website for more information.
Other shared spaces include:
Guinness Enterprise Centre (GEC)
Bank of Ireland also offers a number of innovative, shared ‘Community’ spaces. For more information about this offering please click here.
Whatever size your business is now and whatever size you foresee it growing to become, Ireland will offer it a warm welcome, a suitable home and the best possible chance of success.