Cork has seen a number of announcements recently in relation to property developments and new office spaces, with over 1 million sq. ft. of office spaces due to come onstream in the next 18 months. The skyline is changing rapidly, as new developments continue to modernise and boost our offering of Grade A, next-generation retail and office space.  The rental costs of these properties are highly competitive, with rents in the city up to 50% cheaper than many other European city locations. 
  

The Capitol site developed by JCD Group in the city centre was completed in March, and most of the available space is already let. The entire top floor has been taken by Facebook’s virtual reality firm Oculus VR, following their acquisition of Cork start-up Infiniled. Also due to move into the Capitol is US security software company AlienVault that is creating a new European HQ where it will have capacity to increase to more than 100 employees. The remainder of their floor will be occupied by Chinese telecommunications giant Huawei, which has had an R&D centre in Cork since 2013.

Another significant announcement was made in March in relation to the O'Callaghan Properties development of Navigation Square on Albert Quay, due to commence imminently. The €90m build could facilitate 3,000 jobs and the first phase of the four blocks, totalling 310,000 sq. ft., is to be delivered late 2018. Just 200m from City Hall, the development continues the progression of new ‘fourth-generation’ offices in the Cork docklands area, and will include roof terraces and two standalone restaurants.

Some other development announcements so far this year include sites at:

Camden Palace - The centre of Cork city will see another significant new development with work beginning on the new €20 million office development at Camden Palace. The new development will provide 150 construction jobs with the possibility of accomodating up to 500 jobs on completion.  The unique Venetian-style façade will be incorporated into the modern development, which will produce 65,000 sq. ft of lettable floor space in the next 12 months.  

Read more: €20m Camden Palace space may kickstart area rejuvenation

Port of Cork - The old Port of Cork site at the junction of the north and south channels of the River Lee has been purchased by US-based Kerryman Kevin O’Sullivan, and it is understood that his plans to develop the site, include a combination of cultural and heritage uses, as well as boardwalk along the river and a landmark tower that could reach 30-40 storeys, primarily for an international hotel and offices. The developer's track record output includes sections of the Ground Zero towers, 9/11 memorial and pools at Manhattan, and the Apple Flagship store also in New York.

Read more: Sky’s no limit for New Cork as 40-storey tower proposed for Port site