By Sean Coyne, Divisional Director, Cushman & Wakefield Galway
The Galway office market had a steady 2024, with take-up of office space showing improvement as the year progressed following a slightly slower start to the year. During the calendar year there was approximately 6,677 sq m taken up in Galway city centre and suburbs. Some of the lettings completed during the year included Family Mediation Service, taking up close to 800 sq m of space at Woodquay and insurance company, MetLife, leasing c. 600 sq m at Fairgreen Road.
Take up for 2024 was down on the previous year, although some new stock in the form of Bonham Quay’s latest phase did come on stream during the year, which will aid options for occupiers looking to enter or expand in Galway.
Availability in the Galway office market stood at 25,032 sq m at the end of 2024, with the corresponding availability ratio standing at 7.4 per cent. In terms of the size of available space, there were only two buildings available on the market of greater than 2,000 sq m, at the end of the year.
Development pipeline in Galway is made up of the latest phase of Bonham Quay in the city centre which was completed during 2024 and comprises 7,164 sq m.
Looking forward to potential new developments for the city, Westgate, Galway West Business Park in Knocknacarra, comprises a proposed 14,650 sq m office campus, and is currently at An Bord Pleanala. If granted, Westgate would add a significant boost to much needed new stock for the west side of the city.
There is good reason to be positive about the Galway office market going forward as the start of 2025 has shown with a noticeable pickup in activity from the occupier market and although decision making from FDI style tenants remains protracted, this market does remain active.
