Real estate agents in Cork were asked this week to propose a city center office location for up to 700 workplaces, believed to be for home fitness and exercise company Peloton, whose business has soared due to Covid-19 stay-at-home requirements.
The request for Cork back office space from 65,000 to 70,000 square feet came from the London agency CBRE without identifying Peloton as a customer.
It’s one of the biggest office inquiries for Cork in recent times, along with Apple and Amazon also expanding their presence in Cork.
Peloton already has a small presence in Cork with the outsourcing specialist Voxpro in Mahon. Image: Denis Scannell
The global fitness giant, whose business increased by 145% last year due to the pandemic, already has a small presence in Cork at the outsourcing specialist Voxpro in Mahon.
The company makes leading brands of treadmills and exercise bikes that are used for both online home fitness and gyms. However, 125,000 treadmills have had to be recalled in recent weeks after some models reportedly injured small children and pets.
Now, it seems, after an otherwise massive spike in the use and home training of office space in Cork City, Peleton is looking to support the significant expansion of its European operations.
Real estate agents say if the jobs are labeled as back office they are unlikely to pay the current € 30 per square foot rent for the newest blocks on the city’s quays, indicating a slightly more secondary location.
“However, the investigation concerns the city center, not suburbs or business parks,” the Irish inspector was told.
A source for the agency said the unexpected need for office space for Peleton for housing was within that calendar year, indicating that an existing building or a building nearing completion would be preferred. Some locations may include Blackpool or the Counting House on South Main Street in the Brewery Quarter.