Following an impressive 2020 in the Cork office market, 2021 to date has seen more muted levels of take up activity. With fewer large transactions taking place recently, take up activity totalled 9,450 sq m in the nine months to Q3 2021. This reflects a decline of 26% on the same period in 2020, however 2020 saw occupiers take space at the newly completed One Penrose Dock and Block 1 Navigation Square.
Following on from the success of 2020, where the Cork industrial market recorded its strongest year since 2005, activity in 2021 is being hampered by critically low levels of supply, despite prevailing demand. Take up reached 25,400 sq m in the nine months September end across 36 units.
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