Work underway on increasing supply
Fine Gael TD and General Election Candidate for Galway West/Mayo South, Seán Kyne has said the significant reduction in office space vacancies shows the strength of the recovery in Galway.
A report published this week shows that the Galway office rental market, with a 24% annual increase, had its strongest year since the height of the market in 2007.
The DTZ Sherry FitzGerald report shows that 17,100 square metres of office space was occupied last year in Galway which has reduced the vacancy rate to 4.5% – the lowest in the country.
Commented Deputy Kyne: “The take-up of office space by new and existing businesses in Galway is very encouraging and reflects the strength of the recovery in Galway.
“The challenge facing us now is to ensure a supply of high quality office and manufacturing space so that we can continue to attract new businesses to Galway and provide space for start-ups.
“Fine Gael in Government is providing the investment to increase quality office and manufacturing accommodation through the Department of Jobs, Enterprise and Innovation and State agencies. New office space and manufacturing facilities are also central parts of both the national Action Plan for Jobs and the West Action Plan for Jobs.
“An additional €21 million has been allocated, for example, to the IDA over half of which is being invested in its regional sites such as those in Athenry, Oranmore, Parkmore and Dangan. Through the West Action Plan for Jobs the IDA is being resourced to build a new advanced technology building in Galway.
“Meanwhile, the State agencies are working with the Galway Chamber, NUIG, GMIT, the Port of Galway, WestBIC and others to achieve the outstanding ‘PorterShed’ innovation hub which will be a huge asset to Galway and to start-ups.
“Having raised the funding needs of Údarás na Gaeltachta, the additional €1 million this year for capital funding will help Údarás provide office and manufacturing space in Galway’s Gaeltacht.
“Ensuring a supply of quality office space and manufacturing facilities is crucial to encouraging companies to establish, stay or expand in Galway and is part of Fine Gael’s Long Term Economic Plan. The plan has three steps: more and better jobs, making work pay more than welfare, and investment in better public services, which will only be possible as a result of the increased revenue generated by creating more jobs. This plan will ensure that more people feel the benefits of a recovering economy in their own lives.”