CORK & LIMERICK INVESTMENT COLLECTION
CORK SUBURBAN OFFICE MARKET
This has been driven largely by the demand from FDI’s
for new office space.
• Take-up in the Cork office market was
85,000 sq. ft. in Q4 ’15 (all grade A).
• There is steady demand for grade A
accommodation. Known requirements (currently in
negotiations) account for 120,000 sq. ft. (across
all regions of Cork).
• On an affordability comparison basis the Cork
suburbs, competes very favourably with other
major office destinations.
• Given the demand from overseas occupiers
and limited availability of stock we believe the
prospects for rental growth in the south suburbs
office region of Cork are good.
Cork’s suburban office market is thriving with the
majority of the largest employers choosing to locate
outside the City Centre. Since 2012 the total takeup in the suburban market has been 1,400,000 sq ft
approximately. To meet the increasing demand over
the past few years 650,000 sq.ft. of modern office
space has been constructed in the Cork suburbs
predominately in the Mahon area . With continuing
strong demand from overseas occupiers office rents
have pushed ahead and notable recent transactions in
the Airport Business Park and in Eastgate have seen
rents reach € 15psf. Given the attractiveness of rents
in Corks suburbs versus equivalent Dublin rents further
strong FDI demand is anticipated which should push
rents higher. Vacancy rates have moved from a high of
25% in 2012 to 15% in 2015.
FDI employment in the South West increased by 32% since 2010. (Source IDA)
SUMMARY
Property
St Patrick’s Street,
Cork
William Street,
Limerick
Unit
Tenant
Rent P.A.
Guide Price
77 St Patrick’s Street, Cork
Coast Stores Ireland
Limited
€110,000 (2016)
€120,000 (2017)
€1,750,000
78 St Patrick’s Street, Cork
Meteor Mobile
Communication Ltd.
€95,000
€1,275,000
No. 2 William Street
H. Samuel
€149,400
€1,500,000
No. 3 William Street
Martin O’Connor
Photocentre Ltd.
€30,000
€325,000
5 Cruises Street
Cruises Street,
Limerick
6a Cruises Street
8a Cruises Street
Unit 2, University
Technology
Centre, Cork
Meteor Mobile
€35,000
Communication Ltd.
CeX (Complete
Entertainment Exchange) €50,000
Limited
River Island Clothing
Company (Ireland) Limited €194,700
Ground Floor Unit A
FBD Insurance
€60,000
Ground Floor Unit B
Vacant
-
First Floor Unit A
Vacant
-
First Floor Unit B
DeCare Systems Ireland
Limited
€55,000
-
€115,000
€400,000
€550,000
€1,500,000
€2,250,000