Donnybrook House in Dublin Welcomes IWG's Spaces as a New Tenant

The building is owned by MM Capital, a privately-owned real estate development and investment firm. Savills and joint agent, CBRE, represented MM Capital on the deal.

Situated in the centre of Donnybrook, this new Spaces location is part of a drive by IWG to meet the sharply rising demand for top class flexible working space in Dublin. Spaces will provide 215 desks across 70 private offices, meeting rooms, call booths, co-working and creative spaces, as well as a business café.  Donnybrook House is conveniently within 10 minutes of St Stephen’s Green, close to Ballsbridge, the home of Facebook’s new European HQ. The locale is rich with amenities and boasts the 32-acre landscaped Herbert Park.

In 2018, Donnybrook House underwent extensive refurbishment under the creative guidance of award-winning architects Henry J Lyons, transforming it into a modern Grade A office accommodation with excellent amenities. The building features high-standard office floors with abundant natural light, contemporary finishes, and tenant amenities such as showers, changing rooms, and bicycle parking. 

IWG is growing rapidly and has recently opened REGUS in Clonakilty at West Cork Business & Technology Park as well Spaces in Dublin Airport Central.  In the first half of 2023 alone, IWG has added 400 locations to its global network and posted its highest ever half-year revenue in its more than 30-year history. Unprecedented demand from companies of all sizes and workers looking for hybrid working solutions means IWG will add around 1,000 new locations over the next year.

According to recent IWG research, 77% of employees see a place to work closer to home as a must-have for their next job and around half would quit if forced back to a single central location five days a week. While, the company’s global research has shown that only one in five employees is now prepared to commute for more than 30 minutes daily.

It is not just employees that are favouring hybrid working, firms are able to operate more efficiently with a more productive workforce and hybrid working offers companies a significantly lower cost base with an average saving of more than €11,000 per employee. The cost-saving benefits paired with the unprecedented demand from companies and workers looking for hybrid working solutions is propelling IWG’s business growth.

Forecasts predict that by 2030, flexible workspaces will comprise 30% of all commercial real estate as businesses of all sizes continue to embrace the hybrid model for the long-term. Partnering with IWG enables property owners and investors to seize opportunities in this thriving sector with many landlords looking for alternative ways to monetise their space following the declining demand for traditional commercial real estate.

IWG is in a phase of rapid expansion and has taken over a number of competitor locations as property owners look to leverage the world’s largest hybrid working platform with proven returns. The owners of Donnybrook House, MM Capital decided to partner with IWG to maximize the return on their real estate space by capitalizing on the rapidly expanding demand for hybrid working. With an annual investment of around £50M into its technology platform, IWG provides partners with access to all the company’s expertise as well as design and fit-out support and sales and marketing capabilities. 

Mark Dixon, CEO & Founder of IWG, commented: “We are looking forward to opening a new state of the art hybrid working space in Donnybrook House and expect the location to be very popular as more and more look to work closer to home, in the heart of their local communities. We are expanding  throughout Ireland with the recent addition of Regus in Clonakilty, and will continue to announce further locations to meet customer demand.”

“Our increasing footprint highlights that more and more companies are discovering that flexible working boosts employee happiness and satisfaction, while helping the environment. Our workplace model is also proven to increase productivity and allows for a business to scale up or down at significantly reduced costs.”

Thomas Sinclair, CEO, IWG Ireland, commented: "We are very excited to open another new Spaces in Dublin.   As the ongoing shift towards hybrid working accelerates, conventional office occupancy will continue to fall as businesses require less traditional space and turn to flexible workspace instead. This trend is propelling the IWG business forward and the addition of this latest cutting-edge Spaces location in Donnybrook House marks a significant milestone in our plans to add around a 1,000 locations globally over the next year”.

“It is a testament to our business model to witness the increasing number of landlords and investors making the switch to IWG, enabling us to add over 400 new global locations in the first half of 2023, with just 5% of them being company-owned. We look forward to continuing our mission to support businesses while nurturing and expanding our relationships with landlords to harness the full potential of our platform and network."

Derek Poppinga, Managing Director, MM Capital said, “We are delighted to welcome such high-calibre tenants to Donnybrook House. Spaces will bring a dynamic and collaborative atmosphere to the building, enhancing its modern and innovative environment.”

Speaking on the successful deal, a representative from joint agents, Savills and CBRE commented, “This is a significant milestone for Donnybrook House. Bringing in IWG’s Spaces exemplifies the versatility and appeal of this location. The diversity of tenants will contribute to a dynamic and vibrant community in the heart of Donnybrook.”