Despite difficulties in the commercial property market, Rooney auctioneers and chartered surveyors has reported renewed lettings activity in city centre and business park premises.
Rooney has negotiated several new lettings in the past month or so to many high profile tenants both in Galway city and in the peripheral business parks.
A five-year lease has recently been signed by a medical research firm for modern office space measuring 3,200sq ft in Dangan IDA Business Park, while international internet retailing firm Buy.com has taken 1,100sq ft in Mayoralty House.
“The renewed activity is based on flexible lease terms being offered on most of our commercial properties which gives potential occupiers the option to contract out if their business is not successful in these challenging times for retailers and businesses,” said Ronan Rooney. “In the past break options on long leases were not available to commercial tenants, however all of our recent lettings are on a short term basis which is in line with current market conditions.
“Given the current economic situation, other outgoings besides rent, such as service charge and commercial rates, are fast becoming major factors for a new or existing business in finding suitable premises which was not previously the case,” he added.
“There are signs of stability returning to the market place with increased levels of enquiries for even larger office requirements of between 5,000sq ft and 15,000sq ft.”
As everyone awaits the formal adoption and roll out of NAMA it is an encouraging indication that there is renewed activity in the marketplace.
For further commercial opportunities contact Rooneys on (091 ) 567 391 or visit www.rooneys.ie
