Dublin has been ranked 19 out of the top 30 cities in the world as an environment for the technology sector, boosted by access to so called co-working spaces.
Weekly Business Digest Newsletter
The ‘Tech Cities in Motion’ index from property agent Savills measured cities based on six categories: business environment, tech environment, city buzz and wellness, talent pool, real estate costs, and mobility.
From this it determines which are the best homes for tech and start-up firms.
The expansion of co-working has gone hand in hand with the growth of the global tech sector.
A relatively new phenomenon in Ireland, co-working spaces are becoming increasingly popular with firms like WeWork and Huckletree snapping up spaces in the city centre.
Co-working spaces have also become increasingly popular in Belfast, with facilities such as the Ormeau Baths building, which is supported by Barclays Bank, and Danske Bank and Catalyst Inc’s fintech hub, offering flexible space for start-up.
And Ulster Bank also operates an Entrepreneur Accelerator programme at its headquarters at Belfast’s Donegall Square.
However, Belfast does not feature in the Tech Cities in Motion research.
According to the index, co-working providers accounted for 13% and 13.5% of office market take-up in London and Dublin respectively in the first nine months of 2018.
In Dublin, the average cost for a co-working desk in a private office is $670 per month. This is higher than the average cost of $590 across the 30 cities in the index.
The highest co-working cost for a desk in a private office can be found in San Francisco, where it will set you back around $1,050 (€930) per month.
“[This] sector is rising fast globally, but there is room for growth,” the index added.
Dublin also performed strongly in the sub-category of quality of urban infrastructure, where it placed 10th out of the 30 cities.
Meanwhile in terms of its tech environment, the city ranked 15th for volumes of venture capital investment.
New York topped the ranking, overtaking San Francisco to become the world’s top tech city.
The ‘Big Apple’ performed strongly for employer’s access to a deep talent pool, and the city’s reputation as a global business centre.
In addition, venture capital investment volumes in New York have been higher than those recorded in San Francisco for the last three years.
Despite concerns about the UK’s impending exit from the European Union and what it will mean for the UK economy, London completed the top three cities for global tech.
The city performed especially well in the ‘buzz and wellness’ and mobility sub-metrics.
In addition, there was three times more venture capital investment recorded in London last year than the nearest European rival for such investment, Paris.
Elsewhere, and tech cities in China have risen fast, and now account for a higher share of venture capital investment than their US counterparts. Beijing recorded an average $34bn of venture capital per year in the last three years, volumes higher even than New York and San Francisco.