Green REIT sees Cork office demand

The chief executive of Green REIT–the Dublin-focused commercial real estate developer — said the demand for top-grade office rentals in Cork will likely increase.

Pat Gunne said that, currently at €62 to €65 per sq foot, the pace of rent increases for prime office space is slowing in Dublin and predicted that top rentals in the capital will firm to €65 sq foot by the end of next March.

The outlook for top office rents in Cork, which currently stand at between €27.50 to €30, was also favourable because like Dublin the city is tapping foreign direct investment. Green REIT said it has reached almost 100% occupancy across its existing portfolio. Its holdings include Dublin’s One Molesworth Street, Central Park and Horizon Logistics Park. In Cork, it owns One Albert Quay.