Poor take up of Cork office space

THERE was a poor level of office space take up in Cork in the second quarter, according to a new report from DTZ Sherry FitzGerald, with a notable increase in supply of offices, mostly from the release of second-hand properties, along with the rapidly completing City Gate Park in the Mahon suburbs where Quest are set to take 80,000 sq ft of the 250,000 new building.

Office vacancy in Cork now stands at 22.6%, three times the ‘equilibrium rate’ of 7%.

Cork’s slack office performance of just 10,650 sq m transacted in the 12-month period to end of June contrasts with figures for Limerick and Galway, yet those cities were also below long run averages.