The commercial market throughout Galway city and the west of Ireland has proven to be resilient throughout 2021. After the initial shock of the pandemic, confidence began to increase in both the investment and commercial market in Q4 of 2020 which followed throughout to Q1 2021. This trend has remained consistent throughout 2021 with strong activity throughout the commercial market as a whole.
Having being engaged to carry out several rent reviews and lease negotiations from the beginning of the year, according to O'Donnellan & Joyce there appears to be strong appetite from retailers and SMEs to remain active and present within the city centre and surrounding suburbs. One of the most evident outcomes of the pandemic, was the “working-from-home” status which initially was seen as a significant threat to the office sector. In Q3 – Q4 of 2021 the company has witnessed a significant uplift in inquiries seeking office accommodation and lease renewals as the general preference of the workforce is to return to the office.
Shane McDonagh of O’Donnellan & Joyce commented: “We have witnessed a record year within the commercial sector with various sales and lettings throughout the city and across the Connacht region. The most notable trend was the demand for investment properties with a rental income and an attractive yield. This was evident with both overseas and local clients securing prime investment properties such as 24 William Street which exceeded €1,100,000 and 5 Lombard Street, Galway city, which exceeded €1,200,000. Other notable transactions that we have been involved with include a portfolio of retail units located within Terryland and Ballina Shopping Centres which achieved in excess of €1,500,000 in total, along with several commercial units within the tourist hotspot of Clifden town.”
The company's advisory services have also expanded throughout 2021 as a whole. Having the benefit of being based on the ground within Galway city along with having in-depth knowledge of the entire west of Ireland, O’Donnellan & Joyce has acted as valuer and negotiator for national firms and State bodies from Limerick to Sligo.
2021 has exceeded all expectations within the commercial sector and has proven that even in a time of uncertainty, demand for well-located commercial properties will outweigh supply. With a number of pending instructions earmarked for Q1 of the New Year – the company expects a strong and consistent start for 2022.
