Galway City Tribune – The lack of available high-quality office space in the city centre is threatening Galway’s attractiveness for investment from new and existing companies, according to a new commercial property report.
Galway now has the lowest supply of available office space of all regional markets in the country.
According to the report from commercial property agents Cushman & Wakefield found that in the first three months of this year, leasing activity in the commercial market was “subdued”.
Patricia Staunton, Head of Cushman & Wakefield in Galway said: “The limited supply of Grade A office accommodation is hampering the market both in terms of new office entrants and existing occupiers seeking to expand in Galway.
“Galway is at a critical stage and if we do not address our supply levels in the short term we will lose our attractiveness to occupiers due to lack of product.”
The IDA has warned on a number of occasions of the potential negative impact of a lack of quality office space in the city centre – a downturn in Foreign Direct Investment.
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