Offices:An office building in the south docklands has been divided into more than 100 offices. One of the first tenants will be a company taking over the sub-editing functions at Independent Newspapers, writes Jack Fagan
Dublin's newest office hot spot - the south docklands - has become home to some of the most prestigious Irish and international companies.
It has also attracted one of the fastest growing providers of serviced offices in this country with the decision by Fitzwilliam Business Centre (FBC) to market its newly completed office block at Sir John Rogerson's Quay as serviced offices.
Already more than half the space in the 2,972sq m (32,000sq ft) building has been committed to companies looking for flexibility in their accommodation and greater certainty of cost.
The superb location overlooking the Liffey is also believed to be a strong selling point.
FBC, controlled by Navan-based property developer William Smyth, has been providing serviced offices in Dublin for over 12 years, operating out of Pembroke Street where it has high quality Georgian premises equipped with the latest communication technology.
But, with a raft of new companies looking for immediate occupancy and flexible terms, FBC decided that the demand could only be met by enlarging its operation into a new high-spec office block. Hence the move to the docklands where the level of inquiries has easily exceeded expectations.
The success of the new operation may well be a function of the skill and vision of the management. But it was also in the right place at the right time. The docklands is now the most sought-after office location in the city and, even before the south docklands is fully developed, the roll-out of similar, and larger, office blocks on the north quays has already begun.
FBC has completed a high quality fit-out at the Sir John Rogerson's Quay building which has been divided into more than 100 offices capable of accommodating either a single executive, or up to 20 or more suites from 15sq m (161sq ft) up to 420sq m (4,521sq ft).
The entire fourth floor with over 232sq m (2,500sq ft) of space is currently being fitted out for RE&D, a new company set up by two sub-editors in Independent Newspapers who are to take over the sub-editing functions for three newspapers in the group. The floor will be rented as "unserviced" space at €538 per sq m (€50 per sq ft).
Otherwise FBC has managed to attract a range of companies mainly from Ireland, the UK and the United States. One of the most notable overseas tenants is the Kuwaiti Embassy's cultural division. Other companies which have already moved in are involved in a range of activities, including software development, web design, insurance, law, stock market trading, property development and international trading.
Turn-key serviced office space costs around €1,076 per sq m (€100 per sq ft). The building has a handsome reception area and car-parking at two levels in the basement. All the latest technology is in place, including audio-visual facilities, high speed internet access and printing equipment. There are coffee and tea stations on each floor.
An increasing part of the demand for serviced offices is frequently triggered by corporate outsourcing as companies try to cut costs. As they concentrate on their core business, everything from payroll to information technology support is farmed out to start-ups formed to offer these services. Support service providers need new premises, preferably near their customers. As customers move, the new companies follow.
FBC's success in the serviced office market - it also has similar stand-alone facilities in Drogheda, Navan and Prague - has encouraged FBC to embark on a major development at Boyne Road in Navan, where a 130-acre site has been assembled for a mixed-use scheme which will eventually include 49,000sq m (527,431sq ft) of offices, a medical centre, housing, a neighbourhood centre and a national school. Construction of the first phase of the scheme is likely to cost over €70 million.
