- 28,615 of the 219,176 commercial addresses recorded in the Republic of Ireland in Q2 2016 are vacant.
- The national commercial vacancy rate in Q2 2016 was 13.1%, an increase of 0.5 percentage points since Q2 2015.
- Kerry, recorded the lowest vacancy rate of any county at 9.4% and Sligo recorded the highest vacancy rate at 16.8%.
- GeoView includes an analysis of 79 towns across the country. Of the towns included in the report, Ballybofey, Co. Donegal had the highest vacancy rate at 31.3%.
11 July 2016: Commercial vacancy rates in Ireland have increased, from 12.6% in Q2 2015 to 13.1% in Q2 2016 according to new research published by GeoDirectory today. 28,615 of the 219,176 commercial address points in Ireland were vacant.
The new research, from the Q2 2016 edition of GeoView, shows that the highest vacancy rate of any county in Ireland was recorded in Sligo at 16.8%, followed by Leitrim at 16.3%, and Galway and Limerick, both at 15.3%. Kerry, which has consistently had a low vacancy rate over the past number of years, again had the lowest commercial vacancy rate at 9.4%, the only county with a vacancy rate in single digits.
The largest increase in commercial vacancy rate was seen in County Offaly with vacancy rates increasing from 12.7% in Q2 2015 up to 14.7% in Q2 2016. Longford saw the largest move in the other direction with the vacancy rate decreasing from 13.2% to 12.9% 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 position as the town with the highest vacancy rate, at 31.3%. Second on the list was Edenderry (County Offaly), with a vacancy rate of 31%, a large increase of 8.5 percentage points since this time last year. Of the towns with the highest 15 vacancy rates, Tubbercurry (County Sligo) has moved up the most positions on the list from 27th to 12th, with its vacancy rate increasing 2.9 percentage points to 20.5%. Of the towns analysed, Greystones (County Wicklow) had the lowest vacancy rate at 4.5%.
Surprisingly a very high vacancy rate has been found in Dublin City Centre with 18.5% in Dublin 2 and 14.9% in Dublin 1. As a shortage of office space has been reported by estate agents in recent months, the reported vacancy rate would suggest there may be premises on floors above retail or office space lying empty. 11 of the Dublin districts show a vacancy rate above the national average.
At a provincial level, Connaught saw the highest average vacancy rate of the provinces at 15.2% in Q2 2016. Leinster (excluding Dublin) had an average vacancy rate of 12%, down 0.4pp since Q2 2015, possibly an indication that the economic recovery to date has been more prevalent in the east than in the north west of the country.
The report also gives a more detailed analysis of the GeoDirectory database by examining the breakdown of address points by sector of economic activity, using NACE codes. 176,119 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 83,512 properties.
Speaking following the publication of the report, Dara Keogh, CEO, GeoDirectory said: “In this edition of GeoView, we’re seeing commercial vacancy rates beginning to creep up again with the average national rate reaching 13.1%. The gap between the east and west of the country has continued to grow in the last 12 months. The vacancy rate in Leinster, excluding Dublin has come down 0.4pp to 12% while the rate in Connaught has gone up 0.3pp to 15.2%. The five counties in Connaught all featured in the top ten highest vacancy rates in Ireland. Dublin City Centre is also showing a surprisingly high vacancy rate with 18.5% of commercial property vacant in Dublin 2”.
Annette Hughes, Director of DKM Economic Consultants said “The focus on major towns in Ireland, as well as vacancy rates at county level, featured in the GeoView gives its readers a unique view of the profile of the Irish commercial building stock. For example we can see that while Kerry recorded the lowest vacancy rate in the Country at 9.4%, it is worth noting that the main towns in Kerry – Tralee, Killarney and Listowel – had vacancy rates in double digits. Thus other locations in Kerry must have much lower vacancy rates in order to generate an average of 9.4%”.
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 report is available here 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 GeoDirectory to identify and categorise new potential customers and 11890 Directory Inquiries has 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:
Tel: +353 1 6690152
Mob: +353 87 9140358
Commercial Vacancy Rate in Carlow at 12%
Commercial Vacancy Rate in Cavan below national average
Commercial Vacancy Rate in Clare at 13.6%
Commercial Vacancy Rate in Cork at 11.5%
Ballybofey has highest commercial vacancy rate in Ireland
Commercial Vacancy Rate in Dublin above average
High Commercial Vacancy Rate in Galway
Kerry has lowest Commercial Vacancy Rate in Ireland
Commercial Vacancy Rate in Kildare below average
Commercial Vacancy Rate in Kilkenny at 11.2%
Commercial Vacancy Rate in Laois at 13.6%
Leitrim has Second Highest Commercial Vacancy rate in Ireland
Commercial Vacancy Rate in Longford below national average
Commercial Vacancy Rate in Louth at 13.8%
Commercial Vacancy Rate in Mayo at 14.5%
Commercial Vacancy Rate in Meath at 10.3%
Commercial Vacancy Rate in Monaghan at 11.6%
Commercial Vacancy Rate in Roscommon at 14.2%
Commercial Vacancy Rate in Westmeath at 10.4%
Commercial Vacancy Rate in Wexford at 10.3%
Commercial Vacancy Rate in Wicklow at 12.6%