The latest GeoDirectory Commercial Buildings Report reveals that the national commercial vacancy rate in Ireland increased by 0.2 percentage points (ppts) to 14.5% in Q4 2024, marking the highest rate recorded by GeoDirectory to date. In total, there were 30,635 vacant commercial units across the country in Q4 2024.
County Commercial Vacancy Rates
Sligo recorded the highest commercial vacancy rate at 20.6%, followed closely by Donegal at 20.1% and Galway at 18.8%. Conversely, the lowest commercial vacancy rates were observed in Meath (9.9%), Wexford (10.8%), and Kerry (12.3%). Dublin’s commercial vacancy rate stood at 13.6% in Q4 2024, a 0.5 pp increase on Q4 2023. Ballybofey, Co. Donegal, was the town with the highest commercial vacancy rate at 36.4%.
Analysis of Towns and Dublin Districts
The report also examined a sample of 80 towns throughout Ireland, as well as 22 districts in Dublin, to assess the shift in commercial vacancy rates from Q4 2023 to Q4 2024. Ballybofey, Co. Donegal, reported the highest commercial vacancy rate in Q4 2024 at 36.4%. Shannon, Co. Clare, moved to second place with a vacancy rate of 30.8%, followed by Edgeworthstown, Co. Longford (28.3%), Boyle, Co. Roscommon (27.7%), and Sligo Town (26.8%).
In contrast, the lowest commercial vacancy rates in the country were recorded in Greystones, Co. Wicklow (5.5%) and Carrigaline, Co. Cork (5.1%). Dublin 2 had the highest vacancy rate of all Dublin districts at 18.7%, while Dublin 13 experienced the largest increase, growing by 2.2 percentage points compared to Q4 2023. The Dublin postcode with the lowest vacancy rate was Dublin 15, at 6.6%.
Four out of the 22 Dublin districts recorded a decrease in vacancy rates, with the largest fall in Dublin 24 and Dublin 6, both seeing a decrease of 0.3 percentage points. Of the 22 Dublin districts, 18 had vacancy rates below the national vacancy rate of 14.5%.
Commercial Address Points by Sector
Using NACE codes to classify units by economic sector, GeoDirectory identified broad trends in the use of commercial units nationally. Of the 180,259 occupied address points in the state in Q4 2024, 153,432 were assigned a NACE code, which is a slight decrease from the previous year. The services sector, including hospitality and tourism, had the largest share, accounting for 49.4% of the overall total. However, this sector also saw the biggest decline, losing 644 units.
The retail and wholesale sector was the second largest, making up 21.9% of the total. Unfortunately, it also saw a decline, with 610 fewer units compared to the previous year.
Expert Commentary
Commenting on the findings, Dara Keogh, CEO of GeoDirectory, stated, “The national vacancy rate for commercial properties increased again in Q4 2024, continuing the trend of recent years. At 14.5%, it is now at its highest rate on record. As a country, we need to continue to prioritise innovative solutions to revitalise these vacant spaces and support businesses to avoid unnecessary vacancy where possible.”
Annette Hughes, Director at EY Economic Advisory, added, “While residential vacancy continues to decline significantly, dropping to just 3.8% in our most recent GeoDirectory Residential Report, commercial vacancy trends are going in the opposite direction. At 14.5%, the rate now sits 1% higher than before the Covid pandemic, representing an increase of over 2,100 commercial units and comes despite a strong economy, growing population, and record employment. There are likely many factors at play here, including changes triggered by the pandemic, evolving shopping preferences, and continued cost pressures on businesses and households.”
The rising commercial vacancy rates in Ireland, particularly in the west and certain Dublin districts, highlight the challenges facing the commercial real estate market. As the country navigates these trends, stakeholders must consider strategic measures to revitalise vacant commercial spaces.
Download the full GeoDirectory Commercial Building Report Q4 2024 by completing the below form.
Posted: 20/03/2025 15:37:28