A new report on the five-year outlook for Galway’s commercial property market predicts that rental values will continue to rise substantially year-on-year.
The analysis by Cushman & Wakefield assesses demand for commercial property in Dublin, Galway and Cork as “strong” from both occupiers and investors.
Galway’s “critical supply shortage” is predicted to push prime office rents along at an annual growth rate of 7 per cent up to 2021.
Prime retail rents in Galway stand at about €2,250 per square metre and should increase by 4 per cent per year out to 2021.
Prime industrial rents across Galway are currently €75 per square metre.
The study reveals that Galway has seen the strongest rental growth over the last five years, and further upward rental value pressure is expected to continue.
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