Galway Bay fm newsroom - Galway's office vacancy rate has fallen to 4.9%.
A report by the commercial real estate firm Cushman & Wakefield has found the Galway market is being hampered by the acute shortage of available space coupled with the effects of the pandemic, which include a pause on decision making.
According to the quarter three report, supply in Galway remains extremely low and at the end of September availability stood at just 15,000 square metres - down 6% on the previous quarter.
Occupiers continue to focus on suburban locations, which have absorbed 97% of the office market up take, while there has been no release of second hand stock over the last two quarters.
At the end of September, construction continued on approximately 23,000 sq m of space across two schemes.
Approximately 12,000 square metres is located in the city centre, at the Bonham Quay development - with a further 11,700 square metres under construction at the Crown Square development on the Monivea Road in Mervue.
