TikTok is excluded from the Dublin Docklands office deal

     The Shipping Office on Sir John Rogerson’s Quay.

TikTok has pulled out of talks to rent 16,443 sq m (177,000 sq ft) of space at a major office scheme in Dublin’s docklands.

The Irish Times reported in March that the Chinese-headquartered social media company had agreed the heads of terms of an agreement to rent the space at Marlet Property Group’s Shipping Office development on Sir John Rogerson’s Quay as part of a major expansion of its footprint in the capital.

Although no lease had been signed and negotiations were still ongoing, according to insiders in the sector, TikTok recently informed Marlet that it did not intend to proceed with the plans, and the property has now been placed back on the market.

The conversations have been put on hold by TikTok, although it's unclear why. However, the business unveiled a global reorganisation plan in July amid growing concern about the global economic outlook, which is expected to shake the IT sector in 2022 and involve job losses in Europe, the US, and the UK, according to tech news magazine Wired.

TikTok declined to comment. However, a spokesman said the ByteDance-owned social media platform said it will proceed with plans to add 1,000 jobs at its Dublin operation this year, increasing its Irish headcount to more than 3,000.

At the end of November, TikTok and Mapletree agreed to a 15-year lease with 10 years' term assured and an approximate 18-month rent-free period in order to rent the full 19,509 sq m (210,000 sq ft) Sorting Office building from Mapletree to make room for the new employees.

Additionally, TikTok has agreed to the terms of a lease for 7,432 square metres (80,000 square feet) at Iput's Tropical Fruit Warehouse in Dublin's south docklands, bringing its total footprint in Dublin to 42,642 square metres (459,000 square feet) spread across the three buildings. Despite cancelling the Shipping Office agreement, TikTok is still anticipated to move forward with its intentions to sign the lease for the Tropical Fruit Warehouse, according to sources in the business.

The spokesman said that TikTok is "looking forward" to relocating to its new office at the Sorting Office, which business sources claim the firm has not yet furnished.

It comes shortly after The Sunday Times claimed that Meta, the owner of Facebook, would halt the fit-out of a portion of the Fibonacci Square development in Ballsbridge, Dublin 4.

In an effort to reduce costs, Twitter recently revealed plans to reduce the size of its Dublin headquarters. The multinational social networking company plans to downsize its four-floor European headquarters at 1 Cumberland Street in Dublin 2 by finding a new tenant for one of the floors.

The company may close its office in Sydney and is considering plans to shutter several other offices once leases expire, including those in Seoul; Wellington, New Zealand; Osaka; Madrid; Hamburg; and Utrecht in the Netherlands, according to a memo sent to staff in late July.