GeoDirectory and DKM publish second GeoView Quarterly Commercial Premises Vacancy Rates Report
- National commercial vacancy rate increases to 11.9% in Q2 2013 -
Highlights:
• The report classifies as vacant 26,648 of the 223,433 commercial address points recorded in the Republic of Ireland
• There is an overall vacancy rate of 11.9%, an increase on the 11.4% vacancy rate recorded in the Q1 2013 report
• The cities of Dublin, Cork, Galway, Limerick and Waterford all have a higher vacancy rate than the national average.
• Limerick City has the highest vacancy rate among the cities studied at 17.2%, followed by Galway at 15.8%.
• Almost (47.1%) of commercial address points are businesses in the services sector.
DATE: The total number of vacant commercial units or premises recorded in the Republic of Ireland has increased according to the second GeoView Quarterly Commercial Premises Vacancy Rates Report published jointly by GeoDirectory and DKM Economic Consultants today. The report tracks vacancy rates nationally and by county. In this issue it examined rates in five major Irish cities: Dublin, Cork, Galway, Limerick and Waterford. The Q2 figures indicate an average vacancy rate for commercial units nationally of 11.9% (accurate as of May 2013).
223,433 commercial units were identified by GeoDirectory in the Republic of Ireland. The highest number of commercial units was recorded in Dublin (49,029 address points or 21.9%) followed by Cork (26,191 or 11.7%) and Galway (12,692 or 5.7%).
The report undertook a detailed analysis of five major Irish cities and counties; Dublin, Cork, Galway, Limerick and Waterford. All five cities have a higher vacancy rate than the national average vacancy rate. Limerick City has the highest vacancy rate among the cities studied at 17.2%, followed by Galway at 15.8%. Cork city has the lowest commercial vacancy rate of 13%. The report found that Dublin City has more commercial premises than the cities of Cork, Galway, Limerick and Waterford combined.
14 counties; Sligo, Galway, Leitrim, Dublin, Carlow, Limerick, Donegal, Laois, Longford, Mayo, Offaly, Roscommon, Waterford and Kildare recorded commercial vacancy rates above the national average of 11.9%. Sligo (15.2%), Galway (13.8%) and Leitrim (13.8%) recorded the three highest commercial vacancy rates. In contrast four counties; Kerry, Meath, Westmeath and Wexford recorded the lowest commercial rate across the country, at between 9 and 10%.
The report uses an ‘address point’ as a unit as opposed to a ‘building’ which can comprise one or more units.
According to the GeoView report, there are over 81,000 units in the Services sector which has the largest number of commercial address points accounting for 47.1% of the total. The second largest category is Distribution, accounting for 40,422 or 23.5% of units in the database at present.
Commenting on the new Geoview Quarterly Report, Dara Keogh, CEO, GeoDirectory said,
“This, the second GeoView report with DKM Economic Consultants, provides significant insights into the commercial property landscape in Ireland, highlighting the 11.9% premises currently recorded as vacant, an increase from our Q1 report.
This research will strengthen our work with our partners both in the public and private sector, providing the most relevant tools to support effective and long-term planning in the Republic of Ireland.”
Annette Hughes, Director of DKM Economic Consultants said “This is the second comprehensive report on the commercial (i.e. non-residential) building stock across the country. By examining data at county and in this instance city level, the GeoView report gives its readers a unique view of the profile of the Irish commercial building stock. . The detailed analysis of the five major Irish cities and their counties provides a sense of the concentration and mix of development across the locations, with Cork, for example, having by far the lowest proportion of its commercial address points with NACE codes located in the city. This will have implications for the spatial pattern and cost of services required to accommodate such development.”
The GeoView Commercial Premises Vacancy Report is published on a quarterly basis 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 Commerical vacany report and www.dkm.ie
ENDS
Notes to Editor:
Mr. Dara Keogh, CEO, GeoDirectory is 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 area recorded through a combination of the An Post network of 5,600 delivery staff working with OSi.
DKM Economic Consultants is a leading economic consultancy with a strong record of research across many areas and sectors, including building and construction. DKM staff have accumulated considerable experience in working with a range of private and public sector clients, including Government departments, local authorities and other public sector agencies.
For further information, please contact:
Niamh O’Keeffe
Wilson Hartnell Public Relations
Tel: +353 1 6690299
Mob: +353 87 9703752
Email: niamh.okeeffe@ogilvy.com