Skip to content
#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal

There isn't enough office space in Dublin to fit all the new start-ups

It is also providing another boost to the construction sector.
Jun 11th 2014, 7:00 AM 10,979 57

A SURGE IN the number of new companies set up this year has led to a shortage of office space, analysts have warned.

But this is some much-needed good news for one industry. It is stoking the construction sector, which is also experiencing an increase in the number of new start-ups.

Figures from Vision-net.ie reveal that 4,438 new companies were set up in the first quarter of this year, an increase of 21% on the average across the past five years.

One-fifth chose to locate in either Dublin 1, 2 or 4, or in what has now been dubbed the Silicon Docks tech-hub.

Christine Cullen, managing director of Vision-net.ie, said the growth in commercial sectors is “very positive news for job creation and overall economic rejuvenation”.

However, she stressed that a rent bubble must not emerge.

A balance between supply and demand is needed to ensure “the long-term survival of new business start-ups”.

A recent report from Savills revealed that 57,000 square metres of office lettings were signed in the first three months of 2014 – a 32% increase on last year.

Graph Offic market Source: Savills

Read: How are small businesses feeling about the next few months? >

More: Here’s how many companies were started every day last month >

Send a tip to the author

Nicky Ryan

COMMENTS (57)

    Back to top