Commercial property specialists CBRE today released a comprehensive new report focussing on the unique attributes of Ireland’s second largest city Cork, which is fast gaining prominence and generating interest from occupiers & investors alike.

The report shows that the Cork region’s 220,000 population is expected to grow by 50% by 2040, having been specifically earmarked for expansion by the Irish Government. Presently, Cork is home to more than 150 FDI employers from a range of international locations.

Office occupancy costs in Cork are approximately 50% lower than those prevailing in Dublin while house prices are approximately 27% cheaper than the capital city. There is currently approximately 88,289m2 (950,000 sq. ft) of office stock under construction in the city meaning there is sufficient accommodation in the pipeline to satisfy end user requirements.

Speaking last week, Denis O’Donoghue from CBRE’s Cork office said, "Cork is now a modern entrepreneurial European region that competes for Foreign Direct Investment on a global stage. Within this new report which is entitled ‘The Case for Cork - Rationale for Investing in Ireland’s Second City”, we explore the region’s key attributes and its pricing relative to Dublin as well as the potential for this region to double in size over the next 20 years, as is the aspiration of the Irish Government in their Ireland 2040 project."

He added, "We believe this report will appeal to both investors and occupiers and will be of particular interest to those that have yet to deploy capital in the city and region, reaffirming their decision to consider locating in Cork as opposed to Dublin or other competing centres."

Source: www.businessworld.ie