Cork Office Viewpoint - Future Office Supply in Cork 2017

CBRE Ireland Viewpoint Cork Office Supply June 2017

• A Viewpoint paper looking at potential future supply in the Cork office market

• According to our research there is almost 220,000m2 of new office stock in 20 individual schemes at various stages of the planning process with 63% located in Cork city centre & 9% located at Cork Airport

• 4 of the 20 schemes are redevelopment projects, while 16 are new schemes - with only 14% currently under construction, equating to 31,100m2 of new office stock across 3 individual schemes

• A further 15 office schemes have been granted planning permission in the Cork region - providing the potential to deliver up to 171,696m2  of additional office accommodation in due course

• However, despite increased demand, it is likely that construction of these new schemes won’t proceed until funding has been obtained and / or pre-lettings have been secured

• Only 5% of Cork office stock with planning (but not yet on-site) is expected to be ready for occupation by 2018 with a further 19% anticipated to be delivered by 2019

• While almost 54% has an expected completion date of 2020 and 22% is not expected until 2021 or beyond