West of Ireland still lagging behind
- There was a total of 21,160 commercial properties in Cork in Q2 2015.
- 28,343 of the 224,168 commercial addresses recorded in the Republic of Ireland in Q2 2015 are vacant.
- The national commercial vacancy rate in Q2 2015 was 12.6%, a decrease of 0.2 percentage points since Q4 2014.
- In overall terms, 23.4% of vacant address points were located in Dublin and 10.3% of them were in Cork.
- Kerry, once again, recorded the lowest vacancy rate of any county in Q2 2015 at 9.3% and Sligo recorded the highest vacancy rate at 16.8%.
DATE: Cork had a commercial vacancy rate of 11.3% in Q2 2015, an increase from the 11.5% recorded in Q3 2014, according to new research published by GeoDirectory today. The national commercial vacancy rate in Q2 2015 was 12.6%, a decrease of 0.2 percentage points since Q4 2014.
The new research, from the Q2 2015 edition of GeoView, shows that the highest vacancy rate of any county in Ireland was recorded in Sligo at 16.8%, followed by Leitrim 15.9% and Galway 15.4%. Kerry has consistently had a low vacancy rate over the past number of years and again in the latest report had the lowest commercial vacancy rate at 9.3%.
Dublin has the largest share of total commercial address points, 22.1% of the national total. When looking at the breakdown of where the vacant units are located, we can see that Dublin leads the way with the highest share with 6,645 vacant units or 23.4% of the national total, followed by Cork where 2,919 units (10.3% of the national total) were vacant.
The largest increase in commercial vacancy rate was seen in county Limerick with vacancy rates increasing from 13.9% in Q2 2014 up to 15%. Carlow saw a move in the other direction with the vacancy rate decreasing from 13.1% to 12.1% in the same period.
In this issue of GeoView, GeoDirectory have conducted an analysis of 101 locations, including 79 towns across the four provinces plus 22 Dublin postcodes. Ballybofey in Donegal retains its unwanted position as the town with the highest vacancy rate, at 32.3%. Cork City had a commercial vacancy rate of 11.3%, a decrease from 11.5% in Q3 2014. Of the towns analysed, Greystones had the lowest vacancy rate at 4.4%.
From the analysis of Dublin included in the report, we can see that Dublin 17 again recorded the highest commercial vacancy rate of 20.9% in the quarter. This represented an increase of 0.2pp on Q3 2014. An increase of 0.7pp in the vacancy rate in Dublin 2 to 15.8% resulted in it moving from sixth to third position in terms of a ranking of Dublin vacancy rates.
At a provincial level, Connacht saw the highest average vacancy rate of the provinces at 14.9% in Q2 2015, while Munster recorded the lowest average vacancy rate at 12.1%.
The report also gives a more detailed analysis of the GeoDirectory database which examines the breakdown of address points by sector of economic activity, using NACE codes. 179,235 commercial address points have been allocated a NACE code. Almost one-half of the total commercial address points are businesses in the services sector, a total of 83,507 properties. The most popular industry in Cork was the services industry, which accounted for 45.3% of all commercial address points.
Commenting on the findings, Dara Keogh, CEO, GeoDirectory said “What we can see from the report is a continued, albeit slow recovery. As with previous editions of GeoView, we can see a trend towards declining commercial vacancy rates in the East while the West and North West of the country are continuing to struggle. This can be clearly seen when we compare the average vacancy rates of Connacht and Leinster, with Connacht’s rate 2.5 percentage points higher than Leinster’s. The detailed analysis of major regional towns included in GeoView also gives readers a further insight into, not only into the commercial vacancy rate, but also the distribution across the main NACE codes, which identifies the main industry activities in each town.”
Annette Hughes, Director of DKM Economic Consultants said “This is the ninth comprehensive report on the commercial (i.e. non-residential) building stock across the country. By focusing on the major towns in Ireland, as well as vacancy rates at county level, the GeoView report gives its readers a unique view of the profile of the Irish commercial building stock.”
The GeoView Commercial Premises Vacancy Report is published by GeoDirectory and DKM Economic Consultants, tracking commercial vacancy rates nationally and by county. A copy of the GeoView Commercial Premises Vacancy is attached in PDF format and is available at www.geodirectory.ie and www.dkm.ie
Notes to Editor:
Dara Keogh, CEO, GeoDirectory and Annette Hughes, Director of DKM Economic Consultants are available for interview.
GeoDirectory was jointly established by An Post and Ordnance Survey Ireland (OSi) to create and manage Ireland’s only complete database of commercial and residential buildings. The figures are recorded through a combination of the An Post network of 5,600 delivery staff working with OSi.
The GeoDirectory database is used by many different companies and organisations across a diverse range of applications. Its database and services are used by Central Statistics Office to achieve more accurate census results, Gas Networks Ireland has used for GeoDirectory to identify and categorise new potential customers and 11890 Directory Inquiries have used GeoDirectory to provide detailed directions and maps to their customers.
In the property sector, GeoDirectory is used by Daft.ie and the Property Registration Authority. In addition, utility companies, banking and insurance providers, and all local authorities use the database.
For further information or to view relevant case studies please visit www.geodirectory.ie
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