The surprise announcement by IBM that it is putting its Damastown campus on the market marks an ongoing evolution at technology companies as they strive to remain competitive – and they rethink what a workplace means.
In the 1990s, IBM’s decision to develop the edge-of-Dublin location into a multi-building complex was an early harbinger of the Celtic Tiger, when Ireland would prove a phenomenal draw to global technology companies. Since then, Damastown has provided a potted history of shifts in computing, and demonstrated that marquee tech companies would happily remain in Ireland as they remade themselves.
Initially, IBM’s campus served largely as a manufacturing site for some of the company’s then refrigerator-sized computers. But as microchips grew more powerful and desktop computers replaced big machines, the Damastown site began to transform. Manufacturing floors and warehouse space became offices, spaces for software development and research hubs. IBM will remain a big player here and could even lease some of the Damastown buildings.
The emergence of areas such as cloud computing and software services, and the ease with which employees can now work from home, mean big property statements no longer have as much appeal. Leasing gives greater flexibility in uncertain times. The past year has brought tech industry cutbacks and layoffs, plus large numbers of employees want to continue to work from home. Organisations need less office space.
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Still, the demand from technology companies for premium space in Dublin doesn’t seem to have waned significantly, even if more may prefer to rent, not own. That has made Dublin buildings attractive to global investment companies. Google continues its expansive Dublin property play. Meta (formerly Facebook) soldiers on with completing its big new European headquarters in Ballsbridge. Such grandiose investments may not quite seem to fit the times. But they are certainly optimistic, and if all else fails, might prove their worth purely as property developments.