Cork City Harbour
    NOVEMBER 2012

                                                Company registered in Ireland: 20138
                                                Registered Office:
                                                Hambleden House
                                                19-29 Lower Pembroke Street
                                                Dublin 2
                                                Tel: +353 (0) 1 633 3700
                                                Tel: +44 (0) 20 7935 4499

                                                Roger Hobkinson
                                                Director | Destination Consulting
                                                T: +353 (0) 1 633 3759
                                                M: +355 (0) 87131 6764

                          Version Control
                         Status                 FINAL
                         Project ID             13681
                         Filename/Document ID   Cork City Harbour FINAL RH PL JN 291112-1220
                         Last Saved             01 March 2013
                         Owner                  Roger Hobkinson
                         Director               Roger Hobkinson
                         Approved by            Michael Donohoe

                         Date Approved          29 November 2012

COLLIERS INTERNATIONAL                                  2

                         1     Executive Summary                                 5
                         1.1       Headlines, Findings and Recommendations       5
                         1.2       Early Actions Required                        8
                         1.3       Describing Cork City Harbour                  8

                         2     The Backstory                                    11
                         2.1       A Cork Strategy for Economic Recovery        11
                         2.2       The Project’s Context                        11

                         3     Economic Recovery                                13
                         3.1       Cities Drive Economic Growth                 13
                         3.2       Connected Cork                               15
                         3.3       Living in Cork                               16
                         3.4       Cork Business                                18
                         3.5       Rebalancing Economic Growth Locations        26

                         4     The Vision                                       30
                         4.1       Cork City Harbour – What could be Achieved   30
                         4.2       Picturing the Vision                         32

                         5     The Delivery Strategy                            39
                         5.1       Old into a New Public Assets                 39
                         5.2       A Delivery Structure                         41
                         5.3       Strategic Issues                             46
                         5.4       Projects to Start                            49

                         6     Selling Cork                                     55
                         6.1       Cork City Harbour                            55
                         6.2       Changing Perceptions                         56
                         6.3       Integrated Cork                              58

                         7     Conclusions                                      61
                         7.1       Actions: Broker, Fund and Champion           61
                         7.2       Benefits                                     61

                         8     Report Information                               63
                         8.1       Structure of our Overall Reporting           63
                         8.2       Thank You                                    63
                         8.3       The Consultant Team                          65

COLLIERS INTERNATIONAL                                        3
                          1.1     HEADLINES, FINDINGS AND RECOMMENDATIONS
                                  A multi-disciplinary team has prepared a major study, part Government funded, on
                                  the Cork Docklands for Cork City Council. Commencing in February 2012, this
                                  study has identified the following:

                          1.1.1   MARKET DRIVERS

                                     Generating employment (whether FDI-based or Irish owned), in the growth
Colliers International               sectors that the Government’s job strategy pinpoints, is going to need more and
Brady Shipman Martin
                                      more locations meeting specific business requirements. This demand from
DKM Economics
                                      business is increasingly for office products located in dynamic, attractive city
Mott MacDonald
                                      centre type areas with an excellent urban environment plus high quality

                                     These jobs are likely to be in International Traded Service business functions
                                      and activities (Knowledge Process Outsourcing and Manu-Services) and in the
                                      sectors where the Cork Region has strong education and R&D poles of
                                      excellence that can deliver advantages for businesses in ICT, Health and Life
                                      Sciences, Agri-Business, Energy and Cleantech.

                                     The need for a high quality City Centre type location reflects the nature of
                                      business activities and jobs that Ireland is now attracting and should continue to
                                      attract in the future. It also reflects the urban location preferences of the
                                      generation that is starting to increasingly dominate the workforce and which
                                      businesses are targeting. This is the demographic group known as Generation
                                      Y. In Ireland and other mature economies, a clear trend is business and
                                      employee preferences for an attractive urban experience and offer to work, live
                                      and socialise in.

                                       For example, Google wanted to be in Dublin City Centre for sound business
                                        reasons – office space, high quality broadband connectivity and a large supply
                                        of a talented domestic and international workforce. If Google wanted to be in
                                        Cork City Centre, it would not have a comparable offer for them.

                                     It has also been identified that Ireland’s regional cities, Cork probably most
                                      immediately, have major potential to strengthen Ireland’s offer internationally,
                                      complementing Dublin. In what is now presented as Cork City Harbour,
                                      predictions are for up to 7,000 new additional jobs being catered for within ten
                                      years. However this can only be achieved if the right conditions are met; this
                                      requires priming by Government.

                                     The view of IDA Ireland and the consultant team is that right now, the Cork City
                                      Harbour area, indeed the wider City Centre, does not offer the type of real estate

COLLIERS INTERNATIONAL                                                   5
(site, buildings and context) solutions to attract and accommodate current and
                             emerging demand. This is for new ‘smart workplace’ investment. Cork must
                             continue to modernise and develop a stronger City Centre offer and experience.
                             Cork City Centre needs an on-going programme of product development and
                             refreshment to build upon recent successes at St Patrick Street and Lapps

                            Without further modernisation, and with continued dispersed development into
                             suburban and greenfield locations on the City periphery, the City Centre area will
                             slowly decline - presenting more significant physical and social regeneration
                             requirements into the future. That coupled to risk aversion in the private sector
                             and capital scarcity in the public sector means that, without intervention, the
                             status quo will not change.

                            The Cork City Harbour area also has the benefit of growing Irish owned SME's in
                             and around the area. For example Marina Commercial Park has around 1,000
                             existing jobs, plus there are likely to be more high value spin-offs from the R&D
                             and educational institutions such as the Tyndall National Institute, Rubicon,
                             Nimbus Centre, UCC, CIT and IMERC.

                            The opportunity is for the State, through various companies and authorities, to
                             help bring forward development. The State controls or influences large areas of
                             prime real-estate in Cork City Harbour that is pivotal to positioning a competitive
                             offer that IDA Ireland, Enterprise Ireland, indigenous businesses, developers,
                             investors and property advisors can work with. This potential will never be
                             realised without concerted pan-Government action.

                1.1.2    STRATEGY AND RECOMMENDATIONS

                            This report centrally recommends that Government backs the establishment of
                             a new Cork City Harbour Delivery Partnership. That, working with existing
                             interests such as Cork City Council, Irish Rail/CIE, NAMA, Port of Cork and other
                             key landowners, has a charter, that central to it, delivers the unlocking of state
                             land assets, resources and the capacity as part of a pan Government approach.
                             The cross cutting theme of which is to achieve a rebalance of development and
                             economic activity towards Cork City Centre.

                            There are various delivery structures or vehicles that could be mandated to
                             leverage private sector finance and enterprise activity on the back of the
                             unlocked state lands assets, resources and capacity. The aim is to manage risk
                             and return for both the private and State sectors, to the point where investment
                             would be forthcoming to deliver the development that is needed within the next
                             three to five years.

                              For example, one option is a local asset backed vehicle or “LABV”. This is a
                               mechanism (operational and at planning stage in British local authorities and
                               state sector), with the aim being to release public sector land and property

COLLIERS INTERNATIONAL                                          6
assets and pooling them with private sector resources to kick start

                            The good news from an exchequer position is that the Cork City Harbour project
                             does not require major up-front capital investment. The project is now conceived
                             as focusing on existing assets, infrastructure, services and areas of energy in the
                             adjacent core City Centre. Such an approach can support a significant level of
                             development. Where the public sector is strong, carefully targeted investment in
                             job intensive, shovel-ready projects like streetscape and environmental
                             improvements, traffic management, cultural projects, pedestrian and rail station
                             links can be quickly rolled out, improving perceptions and creating an attractive
                             offer and environment for investors.

                            Allied to the delivery structures, work needs to advance on wider measures to
                             ensure the Cork City Harbour area is maximising its contribution to the
                             Government’s job strategy. Measures to support this include:

                              The costs of high quality broadband being competitive across the State.

                              A clear and strong Cork place brand and marketing strategy that helps elevate
                               the Cork Region internationally for the benefit of all.

                              Targeted well thought out financial instruments with strong governance to
                               support development and occupation in Cork City Harbour and the wider City
                               Centre. Helping to deliver a rebalance of development and economic activity in
                               the City.

                            In the era of intensifying competition between city regions internationally, Cork
                             City Harbour is the project to help unite Cork Region assets and respond to
                             these challenges and opportunities in Europe and Globally.

                1.1.3    THE FUNDAMENTAL MESSAGE

                         There is an amazing opportunity within the control of the State to deliver. There
                         are large areas of prime State owned or controlled land assets that are vacant,
                         underused, and derelict in the core of the State’s second city. Outside of Dublin,
                         Cork City Harbour is the largest city area where sustainable development,
                         economic growth, jobs and wealth can be achieved in the short, medium and long

                         To get this project moving, Government has to be the catalyst to drive the
                         convergent actions and partnerships required to unlock the State’s land
                         assets, resources and capacity to attract private sector resources.

COLLIERS INTERNATIONAL                                          7

                    1.2.1        “THE SIX PACK” FOR 2013

               Action                       Rationale                  Who                           Outcome                  When
           1   Present this            Secure cabinet        CCC & DECLG                  Cabinet decision to support         Q1 13
               Economic                support to further                                 further assessment and
               Proposition Report      program                                            development of the strategy &
               to Government                                                              recommendations

           2   Manifesto or            Set down aims of      Government, CCC, PoC,        Time related series of actions to   Q1 13
               charter written         partnership           Irish Rail/CIE, other semi   be achieved.
                                                             states & major landowners    Present to Government

           3   Development             What is right for     CCC lead with                Options appraisal and agreed        Q1 13
               Structure               Cork?                 Government                   vehicle                             to
                                                             Partnership: CCC, CIE,                                           Q3 13
                                                             PoC, Nama, semi states &
                                                             major landowners

           4   Broker public           Unlock state land     CCC lead with                Partnership working                 Q1 13
               sector businesses       assets, resources &   Government                   Land primed for development
                                       pan Government        Partnership: CCC, CIE,
                                       capacity              PoC, Nama, semi states
                                                             and major landowners

           5   Agree practical         Start to change       CCC, PoC, CIE other semi     Better perception, activity and     Q1 13
               initiatives for         perceptions           states, landowners and       animation
               2013                                          occupiers

           6   Planning review         Statutory             CCC                          Ensure continued flexible           Q3 &
                                       requirement                                        approach and consideration of       Q4 13
                                                                                          short term uses

                    1.3          DESCRIBING CORK CITY HARBOUR
                                 The following is a product summary for Cork City Harbour.

                    1.3.1        THE PROJECT

                                 For the next twenty years Cork City Harbour will be the focus of master planned
                                 mixed use incremental development. It will be the expansion zone to drive
                                 economic growth, businesses, jobs and wealth for the City and Cork region.

                    1.3.2        WHAT DOES IT COMPRISE?

                                 A city district of four, physically themed product areas that help shape the
                                 experience, offer and reputation of Cork City Harbour.

                                    City Harbour Interchange. Mid to high density development led by transport

                                    East Central. Mid to high density mixed use development led by transport

COLLIERS INTERNATIONAL                                                       8
   Mid Urban. Mid density, larger floor-plate uses and big users of space, i.e.
                             property that might normally be attracted to suburban or out of town locations

                            Marina Lifestyle. Low density development around a strong leisure experience

                         Figure 1: Cork City Harbour – view east to west towards the city centre

                         Source: Brady Shipman Martin, Cork City Council and Colliers International

                1.3.3    WHERE WILL DEMAND COME FROM?

                         Continued growth in the Cork and Irish population; expanding domestic and
                         international businesses, new domestic and incoming international businesses
                         and leisure visitors to Cork.

                1.3.4    WHY IS IT DIFFERENT?

                         It re-orientates towards the City Centre and mobilises a partnership approach to
                         delivery that is about unlocking state land assets and capacity. Development works
                         off existing City Centre infrastructure and services.

                         It has prime State owned or controlled assets that are key to unlocking the
                         potential and the return to the Irish economy and State.

                         Outside of Dublin, Cork City Harbour’s strategic location in the country’s second
                         city makes it one of the most attractive pieces of real estate to draw in investment
                         and jobs.

COLLIERS INTERNATIONAL                                               9

                         Cork City Harbour is a place open for business, people and ideas. Best practice in
                         urban development, improvement and management plus an urban lifestyle
                         reflective of Cork’s cosmopolitan live, work and play character.

                         There will be four themed physical product areas, City Harbour Interchange, East
                         Central, Mid Urban and Marina Lifestyle. Initially it will not target on any one
                         specific sector.

                         Cork City Harbour, the name unites the assets of the City and Harbour Region. It
                         will help to elevate the Cork City Region internationally.

                1.3.6    HOW MIGHT IT BE DELIVERED?

                         Government mobilising creative partnerships that unlocks public sector land
                         assets and private sector investment that supports a delivery vehicle to align
                         interests and pool resources. Alignment and connections to the adjacent City
                         Centre plus a range of other practical initiatives are early actions.

                1.3.7    WHAT MIGHT BE ITS VALUE?

                         Redeveloped city waterfronts are places that have helped cities re-evaluate their
                         offer and experience. In particular Cork City Harbour will:

                            Drive public sector partnership working, a model for others to use in Ireland.

                            Ensure State and public company involvement early to grow the value of public
                             sector assets and private sector confidence and investment.

                            Continue to modernise Cork City Centre and deliver the appropriate property
                             solution the market demands.

                            Elevate Cork internationally through a clearer place brand strategy.

                            Be the location where sustainable economic growth, jobs and wealth can best
                             be located.

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                            2.1    A CORK STRATEGY FOR ECONOMIC RECOVERY
                                   The multi-disciplinary team was tasked with research, analysis and strategy advice
                                   covering four topics:
                                   1 Global Business and Economic Assessment
62 COUNTRIES ON                       the demand and supply context for economic growth and job creation
 US$1.8 billion in revenue        2 (Place) Branding and Marketing
 12,300 employees                    how to position, market and sell Cork Docklands
 1.25 billion square feet under
                                   3 Funding and Finance
 76,000 lease and sale
   transactions                       With capital shortage and risk aversion how to mobilise scarce resources
 US$68.2 in transaction value
                                   4 Phased Implementation Strategy
                                      to deliver development to meet the needs of people, business and Ireland
                                   A significant range and depth of work along with advocacy messages is condensed
Brady Shipman Martin
                                   in this report that shows how Cork City Harbour can support the national economic
DKM Economics
                                   recovery plan, contribute to the Action plan for Jobs and strengthen the Cork
Mott MacDonald
                                   Region. This report sets out a fresh product and market led approach for the area
                                   we are now presenting as Cork City Harbour. The aim of this work is to set out a
                                   credible, understandable, sellable and deliverable strategy that injects fresh
                                   momentum to spark development that can contribute to economic growth, job
                                   creation and wealth for Ireland.

                            2.2    THE PROJECT’S CONTEXT
                                   Cork City Harbour is a National Spatial Strategy and Cork Area Strategic Plan
                                   project. There are master plans and Local Area Plans and achievements have
                                   been made over the last eleven years since the 2001 Cork Docklands strategy was
                                   produced. In the current harsh economic and property climate, to reboot the
                                   project ready for emerging opportunities is sensible. However post credit crunch
                                   and in the current recession risk aversion is high and capital is scarce. Successful
                                   projects need rigour, evidence, credibility, partnerships, professionalism,
  Competition between cities       governance and a good dash of is féidir linn (“yes we can”).
  is intensifying. Cork needs to
  strengthen its offer as a        Cork is Ireland’s second city and the economic, social and cultural core of the
  great place to live, visit and
                                   southern region on the island of Ireland. It needs fresh momentum to meet ever
                                   more intense competition between City Regions. This means it is important to use
                                   the downtime in the Irish economy and this position in the market cycle, to position
                                   Cork for future success.

 COLLIERS INTERNATIONAL                                                11

                         In the following sections we explore and advise on the rationale for progressing
                         Cork City Harbour and provide recommendations for delivery:

                            The market context for economic growth that supports the need for the
                             refreshed Cork City Harbour project

                            In light of the market context what this means for a refreshed vision

                            The development strategy options to start implementation

                            How stakeholders should market and sell the project

                         This study should help discussions with potential partners in the public or private
                         sectors, whether in Cork, Dublin, London, New York, San Francisco, Brussels,
                         Frankfurt, Dubai, Mumbai or Shanghai.

                         Figure 2: Cork City Harbour view eastwards towards the harbour

                         Source: Cork City Council, Brady Shipman Martin

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                          3.1     CITIES DRIVE ECONOMIC GROWTH
                                  Capital cities (including Dublin) and the traditional global cities will grow in
                                  influence and are being joined by new waves of global cities such as Rio de
                                  Janeiro, Moscow, Dubai, Shanghai, Mexico City and Johannesburg. Smaller cities
                                  around the world will be looking to attract and retain a larger share of investment,
                                  visitors and residents. In this ever more competitive environment Cork must ensure
                                  it can compete with the best in class. The Cork City Harbour project is crucial for
                                  the future positioning of Cork and the Southern Region and as a contributor to the
                                  national economic recovery plan.
We need to stop seeing our
cities as the problem and start   In Europe a report by ESPON (European Observation Network for Territorial
seeing them as the solution.      Development and Cohesion) in June 2012 provides further advocacy for national
Because strong cities are the
                                  Governments to support their second tier cities, such as Cork.
building blocks of strong
regions, and strong regions are
                                  The main recommendation is that investment needs to be made in national second
essential for a strong America.
  President Barack Obama, 2008
                                  tier cities. It argues that although individual countries face different circumstances:

                                       European, national, regional and city regional leaders should exploit the
                                       policy levers, tools and resources they have to encourage more higher
                                       performing second tier cities if they want higher performing national and
                                       European economies.

                                       They cumulatively demonstrate that policy makers should take these issues
                                       more seriously in future and systematically examine how their decisions
                                       affect second tier cities.

                                  This is an approach adopted in many more urban countries, especially in cities
                                  which have a major industrial heritage where significant repositioning and fresh
                                  economic development policies have been required over the last twenty five years.

                                  In many cities across Britain, Continental Europe and North America major
                                  successes and lessons have been accumulated in the revitalisation of their cities.
                                  For example: Bristol, Birmingham, Sheffield, Manchester, Cardiff, Glasgow, Lille,
                                  Gothenburg, Barcelona, Hamburg, Pittsburgh and Baltimore. These cities have
                                  gone through a process of re-evaluation of their structures and offer to the market
                                  so as to be seen as a great place to live, visit and invest.

                                    Second Tier Cities in Territorial Development in Europe: Performance, Policies and
                                   Prospects, ESPON, June 2012

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Figure 3: Revitalised City Centres and City Regions

         Sheffield                                  Pittsburgh                               Lille

                                  Around the world a multitude of vehicles, organisations, and structures have been
                                  tested. These locally based vehicles having improvement, development, marketing
                                  and management objectives, helping to broker relationships, attract more public
                                  and private sector funding and tell a strong investment story about their city. In
                                  nearly all cases cities have been given support by national Governments to
                                  help them take more control of their destiny. There have been many lessons,
                                  so the strategies and approaches for Cork are out there.

                                       “Cities play a vital role in creating growth and jobs. They are economic
                                       centres and motors of growth both for the wider region and for the country as
                                       a whole. In fact, I would go so far as to say a region can only be successful if
                                       its cities are successful.”

                          3.1.1   POSITIONING IRELAND AND CORK FOR THE FUTURE

                                  Economies and property markets move in cycles; the current downturn is
                                  especially harsh but an upturn will happen. However what the future Irish,
                                  Eurozone and European economy will look like is uncertain. Meanwhile the rest of
                                  the world is still doing business and making plans. Global political and economic
                                  change is intensifying competition among European and Global city regions for
                                  talented people, visitors and investment.
 Eurozone austerity, deeper
 federalisation, fiscal           However the good news is that there are established, new and planned assets that
 harmonisation, corporate
 fiscal responsibility and
                                  will help attract global business to Ireland and encourage domestic businesses
 national politics there are a    large and small. Since the late 1990s, Ireland has had a strategy to try to enhance
 multitude of issues in play      the scientific, technological and innovative capacity of the enterprise sector. This
 meaning an increasingly
 uncertain future                 has involved the funding of research and innovation capacity, the higher education
                                  institutions and other public research organisations. So at the heart of Ireland’s
                                  enterprise strategy is recognition that research and innovation is central to
                                  Ireland’s future prospects for enterprise and economic growth. As a result:

                                       “Ireland has developed a solid base of research capability which is
                                       considered to be central to the long-term enterprise and economic growth
                                       and the development of sectoral opportunities”.

                                       Danuta Hubner, former European Commissioner responsible for regional policy.

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While in recent years, the focus of enterprise policy has largely been on growing
                                  the “modern” sectors of the economy, it has become clear that more “traditional”
                                  sectors, such as agri-food and tourism, can also offer real prospects for growth
                                  and expansion.

                          3.1.2   CORK HAS ASSETS IN PLACE AND IS DEVELOPING MORE

                                  Ireland and Cork has strengths and comparative advantages in ICT, Creativity,
                                  Tourism, Life Sciences, Agri-businesses plus Energy/clean tech. These are all
                                  good sectors to be in. They are further supported by poles of academic and R&D
                                  excellence in the Cork Region such as:

                                     University College Cork, Crawford Art College and Cork Institute of Technology
                                     The Tyndall National Institute
                                     The Rubicon and Nimbus Centre
                                     IMERC – Irish Maritime Energy Research Cluster
                                     Teagasc - Food Research Centre
                                     National Software Campus.
  The Tyndall National
                                  Plus there is the planned Cork Science and Innovation Park which should be
  Institute one of the poles of
  R&D excellence that can         another complementary project to Cork City Harbour. Furthermore there are a
  contribute to long term         number of partnership organisations that aim to ensure joined up thinking across
  economic growth,
  businesses and jobs
                                  business sectors to drive convergent business actions, for example:

                                     Cork Chamber
                                     IT@Cork
                                     Energy Cork
                                     Cork Innovates
                                     Cork Electronics Industry Association

                          3.2     CONNECTED CORK

                          3.2.1   TRANSPORTATION AND CONNECTIVITY

                                  Cork has strong domestic and international connectivity. The domestic motorway
                                  network has dramatically shrunk distances and will increasingly influence
                                  consumer and business decision making. The Greater Dublin area and around 2
                                  million people are now about 2.5 hours away. Cork has an hourly intercity rail
                                  service to Dublin, other parts of the country are also served and there is a good
                                  regional rail and bus service. The latter is a significant opportunity for bringing the
                                  regional workforce into Cork City Harbour to work. This is an asset that corporate
                                  occupiers will find attractive and should continue to influence local and regional

                                  Cork Airport, 8km south of the City Centre, has regular flights to the European
                                  hub airports of London Heathrow/Gatwick, Amsterdam and Paris. In total around

COLLIERS INTERNATIONAL                                                 15
fifty European destinations are served. During consultation work, mention was
                                often made of ensuring the various London connections (especially Heathrow)
                                were maintained and strengthened. There are no direct intercontinental flights from
                                Cork; North America is served from Shannon and Dublin. There is however an
                                efficient and convenient link to North America by the many services provided
                                through London’s Heathrow airport. The services of Emirates and Etihad Airlines
                                from Dublin have in recent years opened up the Middle East and Asia Pacific
                                region. During consultation there was mention of the disappointment that the
  Cork Street, London W1,       Dublin to Cork flight no longer operates. This was cited as being attractive to US
  the heart of Mayfair, home
  of much global wealth.
                                businesses in the Cork Region. Indeed with flights now coming into Dublin from the
  Cork should strengthen        Middle East/Asia Pacific, in time the rationale for the reintroduction of Dublin to
  London connections and        Cork flight should grow.
  networks. London is
  growing fast, especially      The Port of Cork is a major asset for the region. It plans to eventually relocate the
  East London. Easier wins
                                vast majority of their activities to the Lower Harbour from the City. This will help the
  are likely to be achieved
  here with London’s            Port of Cork businesses and their positioning more favourably for emerging
  technology, capital and       opportunities. Relocation will allow them to serve significantly larger ships than is
  creative sectors.
                                currently possible at either Tivoli or City Harbour Quays.

                        3.2.2   HIGH QUALITY BANDWITH

                                A very important issue that impacts Cork and the rest of Ireland is that high quality
                                broadband connectivity is three times more expensive than in Greater Dublin. The
                                majority of the businesses and jobs that Ireland will be attracting in the coming
                                years will need secure and high quality bandwidth. Access to high quality and price
                                competitive bandwidth for regional Ireland is crucial. Tier 1 fibre optic cables will
                                help in marketing, changing perceptions and attracting businesses to a location.
                                There needs to be a levelling out of this large cost differential as part of the
                                national economic recovery strategy.

                                The Market Context for Cork City Harbour

                                We review two vital issues that are central to the rationale of Cork City Harbour to
                                contribute to the national economic recovery. These are Living in Cork and Cork

                        3.3     LIVING IN CORK
                                Cork is a strong City Region with a sizeable and growing population that is the
                                second largest in the Republic of Ireland.

                                   Just over 400,000 people live in what is seen as the City Region. This is called
                                    the Cork Area Strategic Plan “CASP” area. Within CASP is Cork City itself and
                                    an expanded urban area which is defined as Metropolitan Cork, having a
                                    population of nearly 300,000 people. The tightly defined Cork City area has a

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population of nearly 120,000 people. The completion of new roads extends the
                                    Cork catchment to around 500,000 people within a 60 minute drive.

                                  Figure 4: Metropolitan Cork

                                  Source: Cork City Council

 Despite the recession and
 emigration at a 30 year high,    Figure 5: Cork has a large and growing population
 the Cork (CASP area)
 population grew by 8%
 between 2006 and 2011 to                                 Population Growth in the Cork City Region
 nearly 410,000 people. The        600,000
 City Metropolitan Region is
 now close to 300,000 people.      500,000
 Cork has a high quality
 environment, strong culture       400,000
 and sporting tradition, plus
 with a large existing base of
 FDI businesses. It offers an      200,000
 attractive quality of life for
 existing residents and new        100,000
 comers to the City Region.
                                                   City       Metro Cork          County   CASP - City   City & County

                                                                           2006     2011

                                  Source: CSO, 2012

                                  The “sizing” of Cork is an important message to international business. Show
                                  a large labour and customer market place.

COLLIERS INTERNATIONAL                                                     17

                         Ireland’s population has grown by one of the highest rates in Europe; the Cork
                         Region population continues to grow, this is good news for the longer term. The
                         longer term population growth forecast produced prior to the economic crisis
                         suggested the south west region might grow by 157,000 (25%) from 619,000
                         (2006) to 776,000 (2026). It is reasonable to assume that this growth will moderate;
                         however Cork as the dominant city in the region should capture a high proportion
                         of this future growth.

                3.3.2    SOCIO-DEMOGRAPHIC CHANGE

                         An important element of this population is the pool of talented workers, domestic
                         and international, that over the coming years will increasingly dominate the
                         workforce. “Generation Y”, the age group born after 1980, have grown up with
                         technology, have different work styles from previous generations, strong
                         expectations from their employer, expecting to move jobs many times in their
                         working life and preferring an urban location to live, work and play. Commentators
                         around the world are saying how they are different from Generation X and the
                         Baby Boomer generation. Colliers International’s research and its day to day work
                         with corporate business in Ireland and around the world, substantiates this trend.
                         This will accelerate further with Generation Z when they start to enter the labour
                         market within the next decade.

                         In Europe, Generation’s Y and Z will be increasingly mobile across borders, so
                         ensuring Cork markets and presents itself as an open and inclusive city, offering
                         an attractive lifestyle, that it is an “easy to use” city for new people whether from
                         Ireland or overseas will be increasingly important. This is one of the drivers of the
                         increase in place branding and marketing strategies around the world.

                3.4      CORK BUSINESS

                3.4.1    A HISTORY OF GLOBAL BUSINESS

                         From reclaimed marshland and islets, Cork City for centuries has been a hub of
                         international trade, commerce, manufacturing, transport, energy, culture, recreation
                         and sport. When Henry Ford visited Cork, his ancestral homeland, back in 1912,
                         he chose the area now known as “Cork Docklands” for the location of his first
                         overseas factory.


COLLIERS INTERNATIONAL                                             18
Figure 6: Cork home to cutting edge global business for a long time



                          Source: Ford Ireland and Bob Montgomery

                          Ford’s first purpose built overseas factory on the south bank of the River Lee.
                          The site of the Factory is now Marina Commercial Park and employs around
                          1,000 people.

                          One hundred years later, Cork is still welcoming life changing global
                          businesses. The likes of Apple, GSK, Pfizer, Jansen, Johnson & Johnson,
                          Starwood, EMC2, Dell/Quest, McAfee and Amazon are just a few. All have had life
                          changing impacts for people in Ireland and around the world.

                          Cork City Harbour and an on-going refreshed City Centre offer and experience of
                          quality and high competence will help further make the case for Cork as a global
                          business location. Along with an effective place brand and marketing strategy that
                          elevates Cork, a seamless concierge service for inward investors needs to be
                          strengthened. Why? Political and economic pressure is increasing in the traditional
                          source markets of foreign direct investment (FDI) from the USA and the Eurozone
                          – Germany and France - as to Ireland attracting significant businesses based on
                          the low corporate tax rate. This is a live issue and Ireland will need to continuingly
                          press home the case for its low corporate tax rate, the other advantages that
                          business can benefit from by locating in Ireland, plus the location offer and services
                          Cork can provide.

                          Emerging Sources of FDI

                          Nevertheless with the rise and rise of China, India, Russia, Brazil, plus Indonesia,
                          parts of Africa and Latin America, businesses from familiar and emerging nations

 COLLIERS INTERNATIONAL                                             19
will be looking for international opportunities. Consequently Ireland and Cork
                         remain attractive and well placed to maintain and grow Ireland’s share of
                         international investment; whether from traditional or emerging source nations of

                         Figure 7: Global business locating in Cork

                         Source: Cork City Council

                3.4.2    CORK’S EVOLVING BUSINESS BASE

                         The story for Cork is about new business functions and activities. This is being
                         driven by domestic and global economic, demographic, social and technological
                         change. Businesses in Cork are moving further along the value chain. This means
                         less manufacturing and assembly and more “international traded services” - manu-
                         services, knowledge process outsourcing, business process outsourcing and the
                         emerging personal manufacturing sector.

                         Increasingly too, there is evidence of greater convergence and interconnections
                         between different sectors and businesses such as health and technology, agri-
                         business and health, creative industries and technology. This current and emerging
                         business demand is suited to office space in a City Centre or City Centre fringe
                         location. Increasingly this is where a company’s most important assets, its people,
                         want to work. Apple is exhibiting this trend dramatically with around 500 employees
                         now in the Lavitts Quay area of the City Centre.

COLLIERS INTERNATIONAL                                       20

                                      Cork has high quality educational and R&D poles that should all help to attract
                                      businesses and jobs to the Cork Region. They should contribute to demand for
                                      business space in Cork City Harbour. The solution that Cork City Harbour offers is
                                      that it is the location for the larger space requirements flowing from start-ups and
 DEFINITIONS                          incubator companies plus FDI and relocating corporate business within Ireland. It is
Cleantech: the whole range of        the optimum location to accommodate large scale office employment -
 products, services and               sustainably. It should also be the location for a variety of businesses at different
 processes that seek to
 maximise efficiency, minimise        stages of evolution. The sectors or business activities should not be narrowed
 the use of natural resources         down to any one sector at this time, as failure to attract would negatively impact the
 and minimise pollution.
Corporate consolidation
 refers in this report to             A business truism is that you get 80% of your business form 20% of your clients.
 companies that seek to
 rationalise their locations and
                                      For Cork City Harbour new or expanded business functions from the existing
 property holdings.                   businesses in the City Region should be an initial target.
Knowledge process
 outsourcing: the step beyond         Business Functions and Activities
 business process outsourcing,
 where companies delegate core
                                      The business functions from existing (and new) businesses that might well have a
 value-adding processes to
 specialist contractors.              requirement that can be met by Cork City Harbour include:
Manu-services: the term was
                                         Knowledge process outsourcing, the higher skilled end of business process
 coined in 2011 to reflect the
 way in which manufacturers               outsourcing should leverage off Cork’s high quality R&D and education
 increasingly combine goods               establishments. This will also help to target the education services sector, to
 and services packages – from a
 simple consumer repair and               provide “e” learning products and services internationally. Plus general
 maintenance warranty to the              corporate location consolidation that is likely in the coming years for example
 most complex procurement                 in the International Financial Services Sector.
                                         Manu-services is an existing area where Cork is strong, for example a large
                                          element of Apple’s base in Cork is focused on this. With Cork’s existing
                                          manufacturing and assembly businesses, providing the location and property
                                          option in an urban environment will help attract and retain these businesses and
                                          their higher value functions.

                                      Both functions need to integrate these cross cutting themes of excellence in
                                      customer service, IT and language skills.

                                      Business Sectors

                                      The sectors where Cork City Harbour can offer benefits in part due to specialist
                                      organisations or R&D excellence that helps to attract businesses will include:

                                         Energy and Cleantech, from Bord Gáis Ēireann (BGE) and the changes
                                          underway in the nationalised energy utilities to the recent Barryroe oil field
                                          discovery which is likely to provide a small but important oil sector. The IMERC
                                          however should prove a powerful attractor over time to help ensure the Cork
                                          Region capitalises on its maritime energy wealth.

  COLLIERS INTERNATIONAL                                                     21
   ICT, likely to be across the whole area with opportunities in digital games,
                                        software and hardware. The Tyndall National Institute, National Software
                                        Campus, Rubicon Centre and Nimbus Centre are all existing hubs of learning
                                        and innovation to generate new businesses and create jobs.

                                       Health and life sciences from the pharmaceutical companies in the region,
                                        alongside existing and planned R&D facilities of the Tyndall, Rubicon and the
                                        potential “Health Hub”.

                                       Agri-businesses, Cork’s long history as a major supplier of agricultural products
                                        and the modern Teagasc food research laboratory in Fermoy.

                                    The following three sectors can also help in the marketing and branding of the City
                                    Harbour destination to corporate business and also deliver jobs. Developing an
                                    attractive lifestyle offer will appeal to people as a place to live and visit and appeal
                                    to businesses as the environment will appeal to potential employees.

                                       Creative sectors: the Crawford Art College has expressed a strong interest in
IS THERE A “FORD 2012                   consolidating in Docklands. Arts groups from UCC and Triskel are also
EMERGING”?                              interested in the Cork City Harbour project. Alongside the existing and energetic
Government has been                     National Sculpture Factory, this could add real critical mass for a “Creative
undertaking numerous highly
                                        Quarter”. This provides a further pole of R&D excellence alongside the like of
publicised international
meetings, with political and            The Tyndall National Institute and IMERC.
business leaders in the US and
China. Is there a potential large      New format retail and leisure: retail continues to change, new formats are
scale user emerging from
these meetings that is looking
                                        evolving and Cork needs flexibility to accommodate them.
for an Irish and/or European
base?                                  Tourism: redeveloped docklands have gone hand in hand with product
                                        development in the visitor economy whether business or leisure tourists. The
                                        Marquee season has become well established, and plans for redevelopment of
                                        Páirc Ui Chaoimh are likely to extend the number of event days at the stadium. A
                                        refurbished Marina Park with a clear range of uses, activities and events should
                                        be a major early addition. Marina Park and the rest of Cork City Harbour should
                                        seek to integrate Cork Harbour into the City.

                                       Cork City Harbour is also the ideal location the City Council bid to develop a
                                        World Centre for Irish Heritage. The location is authentic and central to the story
                                        of the Irish Diaspora.

                                       Cork’s heritage of the last 100 years in manufacture and assembly plus
                                        strengths in ICT and creativity means a sector that should be investigated as a
                                        priority is personal manufacture or 3D printing.

COLLIERS INTERNATIONAL                                                    22
International and Domestic Businesses

                                  Domestically the recession is seeing new indigenous businesses being formed. Of
                                  course some will fail but others will succeed and grow in the coming years. The
                                  consultant team strongly believe that one way to support and nurture these
                                  entrepreneurs is to encourage a critical mass of them – Cork City Harbour could
                                  provide the home. The benefit being that in close physical proximity they can all
                                  learn and benefit from each other through an “open innovation” approach to
  Fumbally Exchange in            compliment online media. Part of the success of Europe’s largest digital hub of
  Dublin, bringing start up and
                                  “Tech City” in the Old Street and Shoreditch area of London is the proximity of
  accelerator businesses
  together                        start- up entrepreneurial businesses many of which started in secondary or tertiary
                                  office or industrial property. There is the basic, low cost property in Cork City
                                  Harbour to facilitate this.

                                  Figure 8: Tech City in London, driving open innovation

                                  Source: Google

                          3.4.4   KEY MESSAGE

                                  International investment will continue to be important however there is not
                                  the quality product to offer them at present, if for example there was a
                                  requirement for office space to accommodate several hundred workers. The
                                  pipeline of office space in the City Centre is lacking and so will not attract
                                  international investment until they have the confidence in the short, medium
                                  and longer term requirements can be met. These issues are explored later in
                                  this report.

COLLIERS INTERNATIONAL                                                 23

                                   Government and local stakeholders need to continue to drive and support more
                                   convergent actions to support the Action Plan for Jobs objectives. To support
                                   this, Government, City Council, business, the IDA Ireland and Enterprise Ireland
                                   and education institutions need to continue efforts to educate and attract people
                                   with the skills required for target business sectors and functions, such as ICT,
                                   Languages and Customer Service. This might be termed a “Collaborative ahead of
                                   the game business strategy” that will help strengthen Cork’s position as an
                                   attractive city location with lots of talent.

                                   Initiatives such as IT@Cork and EnergyCork are reportedly working well.
                                   Consideration of instigating similar groups to support the evolution of target
                                   business sectors would include creating the following focused collaboration groups:

                                      International Education Services @Cork
                                      Customer Service @Cork
                                      Personal Manufacture @Cork
Events and activities are strong
in Cork, how can they continue
to help drive visitors and what    Some sectors would be expected to have larger employment potential than others
other events and activities        and in different time frames. Multiplier effects could be significant in sectors where
might Cork consider?
                                   there are actually a relatively low number of jobs. For example in the tourism
                                   sector, indirect spin offs could be exceptionally high from an iconic tourism product
                                   such as the World Centre for Irish Heritage. Tourism is also a sector where direct
                                   and indirect jobs can be generated relatively quickly. The Gathering initiative in
                                   2013 and how Cork positions for it needs to be the focus of attention in the coming
                                   months and to derive a lasting legacy.

                                   Figure 9 highlights the core business sectors that are expected to occupy business
                                   space in Cork City Harbour.

COLLIERS INTERNATIONAL                                                    24
Figure 9: Summary of potential City Harbour target sectors

                                           City Harbour        Timeline for                    Comments
                                           Employment          employment
            Sector                           potential          generation
            Manufacturing                 Low                 Short/medium    3D Printing, personalised manufacturing,
                                                                              FabLab. Set up a 3D Printing@Cork group
            Health/Life-sciences          Medium              Medium          Health Innovation hub, pharmaceuticals,
                                                                              medical devices and connected health
            Energy and cleantech          Medium              Medium          Leverage off existing developments and
            Agri-Food                     Medium              Medium          Teagasc Food Research, heritage of the
            ICT Hardware and              Medium              Short/medium    Mainly software; also 3D Printing,
            Software/Cloud and                                                personalised manufacturing, FabLab.
            International Financial       Medium/High         Short/medium    Middle and back-office functions;
            Services                                                          consolidated banking functions.
            Business Process              High                Short/medium    Dominant FDI sector for Cork in last
            Outsourcing/Shared                                                decade.
            International Educational     Medium              Medium          Very strong educational base in Cork;
            Services                                                          overseas students; global courses
            Retail/Wholesale              Medium              Short/medium    Will require changes to LAP to enable
                                                                              significant employment in Docklands.
            Arts, Culture and             Low/Medium          Short/medium    Potential for quick wins with Crawford
            Creative Enterprise                                               College, National Sculpture Factory, etc.
            Tourism                       Medium              Short/medium    Majority docklands projects have a strong
                                                                              tourism offer. Potential for an
                                                                              iconic/symbolic project of Irish authenticity:
                                                                              World Centre for Irish Heritage.

                            Employment Potential: based on experience, a subjective estimate of what
                            each sector is likely to mean in terms of job potential in Cork City Harbour. For
                            example more modern manufacture and assembly is unlikely to offer large
                            employment potential, however office based business process outsourcing
                            would create large numbers of jobs. Timeline: Short is say 1 to 3 years,
                            Medium 3 to 6 years, Long 6 years plus. Research & Development is a cross-
                            cutting theme in the above sectors.

                  3.4.6     JOB POTENTIAL
                            Our estimate of 7,000 jobs in the Cork Docklands by 2021 is based on an analysis

                            1 The supply side – labour force growth over the coming decade in Cork City
                                  and County, and

                                 DKM Economics, September 2012

COLLIERS INTERNATIONAL                                              25
2 The demand side – the targets for additional employment under the Action
                                          Plan for Jobs, assuming the Cork region can maintain its current proportion of
                                          national employment.

                                     It is further predicated on:

                                        A gradual return to normal unemployment rates (6% national and regional

                                        Successful kick starting of development in Cork City Harbour in the coming

                                     Our analysis of the future workforce in Cork City and County indicates a net
                                     increase in employment between 2012 and 2021 of 32,000. If 50% of the
                                     employment growth for city residents and 20% of the employment growth for
                                     county residents could be directed into Cork City Harbour, then this would equate
Google in Barrow Street, Dublin      to 8,000 jobs.
is a good illustration of the type
of environment being sought          Considering the Action Plan for Jobs, this foresees an additional 200,000 jobs
                                     being created in Ireland by 2020. Cork City and County is currently home to slightly
                                     over 11% of the employment in the State, so if a similar proportion of the
                                     additional jobs under the Action Plan were located in Cork that would equate to
                                     approximately 22,000 jobs by 2021. If 25% of these could be directed to Cork City
                                     Harbour that would mean that approximately 6,000 jobs would locate there
                                     (rounded figures).

                                     The mid-point between the supply side estimate (based on the growing labour
                                     force) and the supply side (based on the Action Plan for Jobs) is 7,000 jobs by
                                     2021 in a regenerated Docklands. This can also be seen in the context of the
                                     forecast in the City Development Plan 2009-2015 of an additional 15,000 jobs in
                                     the city by 2020.

                             3.5     REBALANCING ECONOMIC GROWTH LOCATIONS
                                     There is a third major issue intrinsically related to living in Cork and Cork Business.
                                     This relates to refocusing policy and actions to support the City as the engine of
                                     the Southern Region. Too much economic activity and homes have been allowed
                                     to disperse across the City Region. The previous twenty years were dominated by
                                     out of town development the next twenty should see a complimentary rebalance
                                     towards the City.

                                     Business, social, demographic, technological and environmental trends in Ireland
                                     and in much of the developed world are driving a return to downtown business
                                     locations. In Cork with more people working in the City, this should generate
                                     significant benefits, such as spending in shops, cafes, restaurants, pubs,
                                     museums and attractions. Plus efficiencies in the delivery and costs of
                                     infrastructure, public transport and services. A rebalance towards the City Centre
                                     can help sustainable development and economic activity.

COLLIERS INTERNATIONAL                                                    26
Figure 10: Cork City Centre and its fringe locations have great ingredients

                         Source: Google

                         Cork City will align with current and emerging identified trends:

                            Higher value business functions and activities being captured by Cork and
                             Ireland that requires a range of good value office options.

                            Global and domestic businesses want a large and accessible labour market
                             with private and public transport options

                            Attraction and retention of talent, the appeal of City Centre locations by
                             younger (Generation Y) international workers.

                            Supporting critical mass through convergent activities in business functions,
                             knowledge and innovation sharing, which is resulting in people preferring a
                             location where they can more readily meet, share ideas and knowledge

                            Cost and environmental factors will also mean renewed focus on downtown
                             locations for indigenous and global business alike.

                            Smart, Creative, Connected and Convergent actions by City authorities related
                             to sustainability targets and improved efficiency in public transport and services.

                         These are all confirmed by Colliers International around the world and reflect work
                         with occupiers, investors and developers as well as on-going research work.


                         The identified business activities, functions and sectors will require a good value
                         flexible office property solution. Some will benefit from out of town property
                         solutions but increasingly in Ireland and around the world, urban and city centre
                         locations and property solutions are being sought. Cork needs to build on its
                         advantage of compactness and deliver more critical mass in the city. In an era
                         where the watchwords are those such as open innovation, collaboration, shared

COLLIERS INTERNATIONAL                                         27
workplaces, crowd funding, these all point to being best nurtured in an urban
                                    environment and where new business and jobs can be created. This is very
   New business models are          different from the large out of town manufacturing led plants of the past.
   demanding new business
                                    Complexity in site assembly and delivery in the City Centre has resulted in limited
                                    office property development over the last twenty years. Less complex and easier
                                    greenfield and suburban office development have dominated. Cork City Centre has
                                    a gap in its portfolio of products and services. It needs to have a strong, good
                                    quality modern business district. Providing this product will enable IDA Ireland and
                                    its partners to sell the locational and property solutions that the City can offer. This
                                    will help give the business community the confidence that it will have the office
                                    property products they might need whatever their business life stage or
                                    requirement. Overall Cork needs a continued modernisation of its City Centre
                                    office offer (to include office space as a priority) and experience, it has made the
                                    start at Lapps Quay, more of this is needed.

                            3.5.2   OFFICE SPACE TRENDS IN CORK

                                    Unsurprisingly the Cork City region has seen high volatility in the take up of office
Suburban and out of town           space over the last seven years. This ranged from 50,000sqm in 2005 to around
 locations attracted an estimated   10,000sqm in 2010 and 2011. So it is difficult to place this period as “normal”.
 90% of new IDA jobs between
 2002 and 2012. (Source IDA,
                                    However it does provide an indication of demand for office space for Cork in good
 2012).                             and bad times. Whether the current depressed market conditions or a gradual
                                    increase in take up on the back of improved economic conditions will occur is very
                                    uncertain. What is clear is that office space is and will be a vital part of the Cork
                                    City Centre product. An action for the City Council and its partners is that it should
                                    understand the supply and demand trends in the office sector in detail.

                                    Figure 11: Cork office take up 2005 to 2011

                                                           Cork City Region office take up (sqm/pa)
Take up of office space in Cork
  City and its immediate             40000
  surrounds averaged 32,000          30000
  m²/pa between 2005 and 2011.
                                                2005        2006       2007         2008      2009        2010       2011

                                    Source: Colliers International, Cohalan Downing, DTZ Sherry Fitzgerald. We are
                                    especially grateful to DTZ Sherry Fitzgerald Cork for their experiences and
                                    knowledge of recent trends.

  COLLIERS INTERNATIONAL                                                       28

                            The rebirth of cities such as of Birmingham, Cardiff, Glasgow, Newcastle, Salford,
                            Lille, Barcelona, Pittsburgh, Baltimore and Dusseldorf over the last twenty years
                            has often been centred around waterfronts, Public Sector land assets, former
                            industrial sites or indeed a combination of all three. Dublin Docklands too has been
                            a success. All these projects have helped contribute to economic growth and job

                            Cork is the second city of Ireland and the only other internationally comparable city
                            in terms of its scale, population plus depth of education, R&D and business base.
                            Cork City Harbour is the largest urban opportunity site in the State where
                            sustainable development, economic growth, jobs and wealth can be achieved in
                            the short, medium and long term.

                            Figure 12: Brindley Place, Birmingham – City and Regional economic growth

           Brindley Place 1993                                   Brindley Place 2008

           The British core city revival of the 1990’s and 2000’s saw significant fringe city centre brownfield
           sites unlocked, almost always with a blend of public and private partnership. Brindley Place in
           Birmingham is a good example. It implemented new pedestrian routes through the site, from the
           core City centre, opened up waterways through the site that helped stimulate private sector
           investment contributing to wider regeneration. It refreshed and modernised the business space
           offer helping to attract demand from domestic and international business supporting regional and
           domestic economic growth. A study by the University of Birmingham, for Argent the private sector
           developer, showed Brindley Place:

             “Had a massive impact across Birmingham, delivering 12,000 jobs in the area, of which 8,400
             were in Brindley Place, plus 1,800 new homes. Large mixed use schemes have a ripple

           the report concluded

             “The value of the scheme to the City does not stop at the price paid for the site. If
             Birmingham can fully harness the Brindley Place effect it will be a fantastic long term

COLLIERS INTERNATIONAL                                           29
4       THE VISION
                          4.1     CORK CITY HARBOUR – WHAT COULD BE ACHIEVED
                                  Cork City Harbour will be a new mixed use city district. Fronting the River Lee,
                                  Cork City Harbour will have an integrated mix of modern business, residential,
                                  leisure, sporting, cultural and community uses. This will deliver an attractive urban
                                  lifestyle proposition reflective of Cork’s cosmopolitan “live, work and play”
                                  character. Cork City Harbour should help Cork re-evaluate its offer, experience and
                                  reputation to help the City Region appeal to businesses and people in Ireland and

Lapps Quay                        Cork City needs to continue to modernise its “portfolio of products” it offers the
 Lapps Quay a popular addition
 to the City Centre               market. Cork City Harbour is the location to develop office, residential, leisure,
                                  retail and community property in an attractive urban environment to support
                                  economic growth. Outside Dublin, Cork City Harbour is the largest city location that
                                  can accommodate and deliver sustainable economic growth, jobs and wealth.

                                  An econometric forecast suggests 7,000 additional jobs could be attracted into
                                  Cork City Harbour within ten years. This is realistic and achievable based on past
                                  performance and the supply and demand context. Jobs in Cork City Harbour are
                                  likely to be primarily office based and were identified earlier in this report.

                                  The area we are calling City Harbour Interchange (Figures 1 and 15) is the
                                  unlocking agent and catalyst for realising the ultimate potential across the entire
                                  Cork City Harbour area over the next 20-30 years. The vision will therefore be a
                                  gradual evolution, economically and spatially maximising the unique strengths of
                                  its location between the City Centre and Lower Harbour and the links with the
                                  mature urban and suburban lifestyle of the Blackrock, Ballintemple, St Lukes and
                                  Montenotte communities.


                                     It will offer easy access to the second largest labour market in the country, that
                                      continues to grow and a talented workforce.

                                     Access via public transport (the adjacent rail and bus stations), increased use
                                      of public transport that increases fare box revenue, efficiency in services and the
                                      sustainability agenda. Good road connectivity to regional and national highways
                                      and existing city centre parking locations.

                                     Potential to offer a variety of good value office property solutions for different
                                      business life stages.

                                     The compactness and critical mass of higher education, R&D and industry
                                      leadership groups currently in the City.

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