If working from home is hindering your productivity, you’re starting a new business, or you’re expanding your current office, you may be wondering what office space rental costs in Dublin. How do you calculate the cost of office space? Well, of course, that depends on what your needs are.
These factors will all determine what price you will be looking at paying:
- The location
- Amount of space you need
- Type of rental flexibility you are looking for
- How long you plan to rent for
- What services you need
How Is Rent Calculated?
For any type of office, location and type of rental dictates the price. The city centre and central suburbs of Dublin are the most expensive areas to rent, with outlying suburbs being more budget-friendly. Let’s start with the type of rentals you could consider.
Types of Rentals
Traditional Commercial Office Space
Traditional commercial office space generally requires a long commitment, usually three to 10 years. This type of office rental comes with extra costs such as furniture, electricity, IT, maintenance, and cleaning. This is the most expensive type of office space rental and doesn’t offer much flexibility, with tenants tied into long-term leases.
Flexible Office Space
What makes these types of workspaces ‘flexible’ is that they require much less commitment, with some being month to month to allow companies to adapt quickly. Flexible office spaces provide a lot more flexibility with their payment options, minimising the upfront costs normally associated with fit-out and furnishings. If you opt for a serviced space, it takes the hassle out of office management with things like utilities and the day-to-day running of the building managed by another company.
Flexible office space options include:
- Managed offices: These offices are managed by a separate party, paid for in a single monthly fee, and the terms are more flexible than a standard lease. A business can tailor it to their exact specifications, and rather than pay per desk, the business pays for the amount of space they use.
- Serviced offices: Serviced office spaces are managed and supported by an on-site service team. Office space and communal areas are looked after for you, while flexible billing and easy leases take the hassle out of office renting.
Costs of Types of Rental Spaces
With traditional office leases, rent is calculated based on the annualised price per square foot and multiplied by the space size. On top of this, there are also tax costs to consider. Keep in mind that non-fixed expenses like building maintenance and electricity could increase the rental, so you will need to factor those in as well.
As of 2021, prime office rents in Dublin city centre have been around €630–€645 per square metre per year. That means that if you are looking for a central CBD office spot in Dublin that is, say, priced at €630 per square metre, you are looking at around €5,375 per month, excluding VAT, for a 100 square metre unit. How you work this out is to times the square meterage by the rate and divide by 12.
A flexible office space calculation is based on desk space taken up. If, for example, each desk in an office costs €560 per person per month, the cost for a 10-person office is €5,600 excluding VAT.
The bonus with flexible space is that you have access to common areas that you won’t need to maintain, like kitchens, meeting rooms, washrooms, and other amenities. Flexible office space gives you the opportunity to only pay for what you need.
Month-to-month agreements offer the most flexibility, but you will pay from 10–20% extra for the ability to terminate at the end of the current month. Longer-term commitments usually allow for discounts.
No matter what size office unit you need, Nesta’s storage spaces in Dublin offer flexible terms, one monthly fee for all office costs, as well as the ability to upsize or downsize easily.
Key Factors To Consider When Renting Office Space
Here are factors that you should consider when deciding on the best office solution for your business:
- Location: Choose a location that aligns with your business needs. Dublin has several business districts, including the Docklands and suburbs. Consider accessibility to transportation, proximity to clients, and the availability of amenities.
- Budget: Determine your budget before you start your search. Office rents in Dublin can vary significantly depending on the location and type of space. Consider additional costs like utilities, maintenance, and service charges.
- Space Type: Decide on the type of office space you need, whether it’s a traditional office, co-working space, or a serviced office. Each has its advantages and suitability for different business types.
- Flexibility: Consider the flexibility of the lease terms. Can you easily scale up or down if your business needs change? This is especially important for startups and rapidly growing companies.
- Lease Terms: Traditional offices often require longer lease terms, typically 3-5 years. Make sure the lease term aligns with your business’s growth projections and needs.
- Amenities and Facilities: Consider what amenities and facilities are available, such as meeting rooms, parking, kitchen facilities, and access hours.
- Growth Options: Evaluate whether the space can accommodate your future growth. Flexible expansion options or nearby larger spaces can be advantageous.
- Internet and Technology: Ensure the office space has reliable high-speed internet and offers the technology infrastructure necessary for your business operations.
- Security: Check the security measures in place, including access control, surveillance, and safety protocols to protect your team and assets.
- Client and Employee Needs: Consider the needs and preferences of your clients and employees. Proximity to public transport, nearby dining options, and a pleasant working environment can all affect morale and productivity.
- Community and Networking: If you opt for co-working space, consider the opportunities for networking and collaboration with other businesses in the space. Look for community events and networking activities.
- Parking and Transportation: If your employees and clients require parking, ensure there are suitable parking facilities nearby. Additionally, check for proximity to public transportation options.
- Cost Transparency: If considering serviced offices, understand the pricing structure and ensure there are no hidden costs. Clarity on what is included in the service is essential.
- Tour and Inspection: Visit prospective office spaces in person to assess their condition, layout, and overall suitability. This gives you a first-hand look at the space before making a decision.
Need Office Space? Try Self Storage!
Did you know that Nesta Business Centres offer fully furnished and equipped office space in Dublin? Nesta’s offices are equipped with business-grade broadband, on-site parking, meeting rooms, and staff facilities for your convenience.
Renting an office space in a storage facility has some extra perks too! You will have access to a self storage unit nearby, where you can easily retrieve tools and equipment; have the ability to store extra office furniture, and a place to keep excess stock — making turnaround times for your clients even better!
Choose from six great locations with easy access into and out of Dublin City — Santry, Sandyford, Kylemore, Deansgrange, and Kilbarrack. We also offer flexible rental terms, with the option to stay for as little as a few weeks or as long as you want, without costly overheads and restrictive long leases.
Ready to grow your business with our cost-effective, professional, and hassle-free office space in Dublin? Give us a call on 1800 77 22 33, request a free quote online, or visit your nearest Nesta store for a tour — our friendly staff will be waiting for you.