As Ireland’s second city-region, with a population of just over half a million, Cork has a strong pro-business environment and an excellent track record in attracting investment (over 150 overseas companies employ in excess of 33,000 people in the region).  The IFS sector in Cork has grown over the past ten years, and there is now a significant cluster of companies in the region that represent a broad spectrum of financial services disciplines including: back office processing; fund administration; transfer agency; middle office settlements; distribution and asset servicing; trustee/depository; risk & compliance; financial reporting & audit; asset management operations.  

One third of IFS jobs are currently outside Dublin in what has truly become a national industry and there is huge potential for regional locations to play a significant role in supporting and driving the growth of the IFS sector in Ireland. Cork is Ireland’s second largest financial services centre, home to a cluster of companies that represent the broadest range of FS disciplines of any city outside the capital.  A number of significant international companies such as BNY Mellon and Citco have been operating in Cork for over 10 years, and these are being joined by a growing number of new and expanding FS operations, with two announcements already made in the first quarter of 2017.  

In February, Willis Towers Watson announced plans to create up to 40 roles in areas such as asset management operations, service provider oversight, risk & data management, investor on-boarding, compliance, and accounting over the next few years. Towers Watson Investment Management Ireland (TWIMI), a subsidiary of Willis Towers Watson, currently acts as an Alternative Investment Funds Manager (AIFM) in Ireland with assets under management exceeding EUR 6 billion.  The following month Alter Domus, a leading provider of Fund and Corporate Services, announced the opening of its second office in Ireland and an International Centre of Excellence in Cork with 60 new jobs expected to be created.

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

One of Cork’s biggest advantages is that the region offers the lowest broadband latency between the EU and the USA, thanks to a 100 Gbit/s fibre network that links the US to the UK via Cork. This connection significantly enhances Cork’s proposition as a location for data-intensive businesses, particularly in the tech and financial services sectors.

The 4,600km low latency cable provides the international connectivity that is needed to support the big data and cloud applications that are driving the transformation of telecommunications globally, and the current 60 milliseconds round trip delay from Cork to New York, allows Cork-based businesses to operate more efficiently and competitively. 

Furthermore, there are plans for a new subsea fibre optic cable that will connect Cork to mainland Europe via France. Using the latest technology and installation methods, the cable will deliver capacity to carriers and large enterprises requiring connectivity between Ireland and continental Europe. 

This critical infrastructure connectivity is fuelling Cork’s growth with further data centre developments due to come onstream in the next year. EPark will be strategically located on a 32 acre site in Little Island, 8km east of Cork City and 15 minutes from Cork Airport.  Developers JCD Group have secured a 60MW grid connection from Eirgrid and are expecting to start construction of over 270,000 sq. ft. of data centre accommodation this summer.

• Páirc Uí Chaoimh stadium and multi-purpose facility to reopen in June 2017
• NGINX Fuels Global Expansion of Application Delivery Platform with Opening of European Headquarters
• UCC President confirms plans for new business centre
• New shipping route connects Cork and Liverpool
• Sky’s the limit as Cork Airport looks toward bright future
• Amarenco set to invest €56m in Munster solar farms
• Investment boost for Cork firm Zenith
• Enterprise Ireland Client Companies Announce 60 Jobs for Cork
• Cork gets a new digital business hub: Welcome to the Republic of Work