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Office Freedom
Office Freedom
  • 1 Minute Read
  • 03rd November 2008

Demand For Serviced Office Space Increase In Face Of Credit Crunch

The Managing Director of one of Ireland's leading serviced office companies has reported that demand for workspace is continuing to rise, despite the current economic climate in Ireland and the increasing impact of the credit crunch.

Shane Duffy of the International Corporate Centre, with serviced office complexes on Stephen's Green and Harcourt Street says that enquiries are up forty percent on last year's figures despite the downturn. 'Despite a general oversupply of office space in the market, demand for serviced business centres is strong.' The demand is such says Duffy that his company will shortly open a new building in Dublin 2 within the next six months with further business centres in the planning stages.

International Corporate Centre operates in the higher end of the market with a diverse range of tenants ranging from embassies and government agencies to legal firms and shipping companies.

While the conventional office market continues to struggle, business centres are now one of the best performing, prime growth sectors in commercial property. While there is a considerable oversupply of conventional office space, the opposite is true of serviced offices, which face the challenge of keeping up with overwhelming demand.


Duffy explains why he concentrates on the serviced office market. 'The two most important factors for occupiers when acquiring office space are capital expenditure and flexibility. In the current economic climate occupiers do not want to commit to lengthy and costly leaseholds. "Small and growing companies in particular cannot predict what their head count will be in twelve months, let alone five years, so they require workplace which will allow them to expand or contract according to their needs."

Managed business space provides an attractive proposition for businesses in this uncertain economic climate, and provides the leading operators in the sector with a growth opportunity, while playing an important role in providing flexible workspace solutions to meet the needs of modern day business."

So what do clients of International Corporate Centre's benefit from versus traditional offices?

The International Corporate Centre appeals to occupiers who require highly flexible, unbranded office space tailor made to meet the requirements of the individual business. This flexibility is underpinned by competitively priced and transparent fixed-costs, so occupiers can account for every penny they are spending on their office needs.

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