NATIONWIDE COMMERCIAL VACANCY RATE UP TO 12.6% IN Q2 2014
- 24 counties in Ireland experience increases in commercial vacancy rates -
New GeoView report provides analysis on Ireland’s industrial building stock
Highlights:
• The national commercial vacancy rate in Q2 2014 was 12.6%. This is a notable increase on the 11.9% vacancy rate recorded in Q2 2013.
• The report classifies as vacant 28,013 of the 223,152 commercial address points recorded in the Republic of Ireland.
• Kerry and Carlow are the only two counties to experience a decrease in commercial vacancy rates between Q2 2013 and Q2 2014.
• This edition includes an analysis of the commercial vacancy rate of industrial commercial property.
• A total of 9,606 occupied commercial address points were involved in the Industry sector at the national level in Q2 2014.
• Of all the units involved in manufacturing, manufacture of food products has the highest number of occupied units at 15.4% (1,203 units).
12.08.14: The national average commercial vacancy rate increased from 11.9% in Q2 2013 to 12.6% in Q2 2014 according to new research published by GeoDirectory today. For the first time the report includes an analysis of industrial commercial property including a breakdown of occupied manufacturing units in Ireland.
According to this, the sixth edition of GeoView which is published quarterly, there are 223,152 commercial address points across the country, of which, 28,013 were classified as vacant.
As expected, Dublin (22.0% or 48,989 address points) had the highest number of unique commercial address points. This is followed by Cork (11.7% or 26,006 address points) and Galway (5.7% or 12,763 address points). Leitrim, Longford and Carlow had the lowest number of commercial address points, each with less than 3,000 units.
The highest vacancy rate was in Sligo (16.0%), followed by Leitrim (15.5%), Galway (14.8%). The national vacancy rate increased by 0.7 percentage points, from 11.9% to 12.6% between Q2 2013 and Q2 2014. Co. Leitrim’s commercial vacancy rate increased from 13.8% in Q2 2013 to 15.5% in Q2 2014. This represents a 1.7 percentage points increase and was the largest increase experienced of all counties.
Only two counties experienced a decrease in their commercial vacancy rate between Q2 2013 and Q2 2014. These were Kerry and Carlow where vacancy rates dropped by just 0.1 percentage points over the time period.
This edition of GeoView examined the breakdown of occupied commercial address points under the NACE classification of “Industry” in the GeoDirectory Database. That is, commercial units involved in Manufacturing, Mining and Quarrying, Water Supply and Electricity, Gas, Steam and Air Conditioning Supply.
A total of 9,606 occupied commercial address points were involved in the Industry sector at the national level in Q2 2014.
• 82% of these were involved in Manufacturing activities.
• 9% were involved in Water Supply/Waste Management activities.
• 6% were involved in Mining and Quarrying.
• 3% were involved in Electricity, Gas, Steam and Air Conditioning Supply.
As expected, Co. Dublin accounted for the highest portion of units under each activity with the exception of Mining and Quarrying. Co. Cork had the highest number of units involved in Mining and Quarrying in the country.
Co. Leitrim had the lowest number of occupied units across all activities with the exception of Mining and Quarrying. Co. Longford had the lowest number of occupied units involved in this activity.
Examining the breakdown of the occupied manufacturing units in Ireland, the report found that the sector representing the manufacture of food products has the highest number of occupied units at 15.4% (1,203 units) while the manufacture of tobacco products has the lowest number of occupied units at 0.1% (4 units).
Commenting on the findings, Dara Keogh, CEO, GeoDirectory said “With this first review of occupied commercial address points under the NACE classification of “Industry”, we are providing fresh and insightful data and a valuable indicator on the current state of the Irish economy, particularly the manufacturing sector. Our findings illustrate that once again, Dublin is the dominant economic force in Industry in Ireland.”
Annette Hughes, Director of DKM Economic Consultants said “This is the sixth comprehensive report on the commercial (i.e. non-residential) building stock across the country. By examining data on commercial property involved with manufacturing, mining and quarrying, water supply and electricity, gas, steam and air conditioning supply, the GeoView report gives its readers a unique snapshot of the geographical spread of industrial building stock in Ireland in Q2 2014.”
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 www.geodirectory.ie and www.dkm.ie
ENDS
Notes to Editor:
Mr. Dara Keogh, CEO of GeoDirectory is available for interview.
The data in GeoView Q2 2014 relates to commercial units in the database as of the 30th June, 2014.
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, Bord Gáis Networks has used 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
For further information, please contact:
Niamh O’Keeffe
Wilson Hartnell
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