What Ireland’s Latest Commercial Vacancy Data Tells Us — Q4 2025
Ireland’s commercial property market continues to evolve under the influence of structural economic shifts, sectoral realignment, and regional disparities. The GeoDirectory Commercial Buildings Report Q4 2025 captures granular changes at national, county, regional and town levels. This analysis summarises the key findings from the report.
National Overview: Vacancy Reaches Highest Level in Over a Decade
The national commercial vacancy rate increased to 14.6%, marking the highest point since the reporting series began in 2013. Ireland currently contains 210,658 commercial properties, of which 30,687 are vacant.Although the year‑on‑year increase of 0.1 percentage points appears modest, this movement continues an upward trajectory consistent with broad market pressures, including evolving retail behaviours, hybrid working models and uneven regional demand.
County-Level Analysis: Significant Divergence Persists
County‑level vacancy rates continue to vary widely, illustrating the uneven performance of regional economies.
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Highest vacancy: Co. Sligo at 20.8%, reflecting persistent structural challenges in the region.
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Lowest vacancy: Co. Meath at 10.0%, consistent with strong population growth, commuter‑driven demand and ongoing development activity.
Vacancy rates increased in 14 counties, decreased in 11, and remained unchanged in Cavan.
This distribution indicates that commercial performance is not primarily driven by national trends but rather by local economic conditions, demographic change and sectoral composition.
Sector Breakdown: Services Dominant, Retail Under Pressure
The distribution of occupied commercial units by sector provides insight into where economic activity is concentrating.
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Services: 49.5% of all occupied commercial units — the largest sector by a significant margin
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Retail & Wholesale: 21.8% — the second-largest category but experiencing one of the largest year‑on‑year reductions in unit numbers.
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Health: 9.6% — reflecting stable and growing demand for healthcare and social service infrastructure.
Notably, both Services and Retail & Wholesale saw sizeable year‑on‑year declines in occupied units, with reductions of 387 and 397 units respectively.
This indicates a shift in economic composition and ongoing consolidation within traditional high‑street sectors.
Regional Insights: Connacht and Ulster Remain Under Pressure
Vacancy by region highlights broader geographic imbalances:
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Connacht: 18.6% — highest regional vacancy rate; elevated levels across all five counties.
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Ulster: 17.3% — vacancy increased by 0.3 pp year‑on‑year.
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Munster: 14.3% — slightly below the national average but trending upward.
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Dublin: 13.5% — a decrease from 2024 and below the national average, highlighting the capital’s relative resilience.
These patterns correlate with population density, sectoral composition, infrastructure investment and local economic diversification.
Town-Level Extremes: Sharp Contrasts in Local Economies
The most pronounced variations appear at the town level:
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Highest vacancy: Shannon (Co. Clare) at 34.5% — an increase of 3.6 pp year‑on‑year.
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Lowest vacancy: Carrigaline (Co. Cork) at 5.1%, holding steady year‑on‑year.
Such disparities highlight that localised economic conditions — including industrial activity, transport connectivity, and residential growth — have an outsized influence on commercial property performance.
These findings reveal a commercial landscape characterised by rising national vacancy, widening regional divergence and sectoral realignment. While some areas demonstrate resilience and growth, others face continued structural challenges.