Office
The first quarter of 2023 saw a notable step up in occupier activity with 10,831 square metres taken up across 6 deals, the second largest quarterly takeup in the past five years in the Galway market. The largest deal in the quarter involved Galway City Council taking up 6,039 square metres at Crown Square Phase 1. In addition, we understand that the 3,521 square metres of space at Ballybrit Business Park is likely to be repurposed for alternative use.
Industrial
Q1 2023 saw no deals to take up space in the industrial segment in Galway (the third such quarter of the past five in which no deals have been announced) although this is more indicative of a market starved of supply rather than one where demand is lacking. Over the medium term
factors such as the growth of ecommerce and the trend towards onshoring to reduce supply chain disruptions should both keep demand for high quality industrial stock healthy. On a rolling twelve month rolling basis Galway take up data was unchanged compared to Q4 (approximately 4,800 square metres) although still very much at a low ebb when viewed from a long term perspective.
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