Occupier trends in the Cork office market have largely followed that of other markets, with take up in 2021 falling, as the impact of COVID 19 played on the market. In total, take up reached just 11,000 sq m, it’s lowest level over the past decade. However, 2022 has begun stronger, as take up reached 8,800 sq m in the opening quarter . Similarly, outside of take up, activity on new space in the city, led to further space being reserved at Penrose Dock, Navigation Square on Albert Quay.
Following years of decline, particularly in 2021, Q1 2022 marks one of the lowest levels of available space in the Cork market since Cushman & Wakefield’s series began. A total of just 22,600 sq m was available at the end March, this compares with 36,850 sq m the year previous. The historically low levels of availability have subsequently created a significant pinch point for the market, as availability now sits considerably below the long run annual average for take up. The vacancy rate sits at just 1.9% at the end Q1, again marking one of the lowest vacancy rates on record for the market. Of the available space in the market, just 14% is of Grade A
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