GeoView Commercial Vacancy Report August 2018

.

National Commercial Vacancy Rate Falls to 13.1 per cent

GeoView Commercial Vacancy Report Highlights:

CLICK HERE TO READ THE FULL REPORT


Overview

National Commercial Vacancy Rate

The national commercial vacancy rate has fallen by 0.4pp to 13.1 per cent in Q2 2018 according to the latest GeoView Commercial Vacancy Rates Report, published by GeoDirectory today. Encouragingly, the report found that 14 counties recorded a decline in commercial vacancy rates, compared to only two counties at the same period in 2017. This suggests that the economic recovery is slowly beginning to take hold outside of Dublin. However, there is still a clear divide between counties in the East and West of the country, and in urban and rural areas, in terms of commercial vacancies.  

Dublin was the county that recorded the largest commercial vacancy rate decline in Q2 2018, at 1.6pp. Within the capital, 16 districts out of 22 recorded vacancy rates lower than the national average. Dublin 2, registered a significant drop in its commercial vacancy rate (5.6pp), while Dublin 16, at 7.1 per cent, had the lowest commercial vacancy rate in Dublin. In contrast, the highest commercial vacancy rates in Dublin were found in Dublin 8 and Dublin 11, both at 15.8 per cent.

Meath and Kerry were the counties with the lowest commercial vacancy rates in the country at 10.4 per cent, while Sligo was once again the county with the highest commercial vacancy rate at 18.8 per cent.
At a provincial level, Leinster’s commercial vacancy rate stood at 12.3 per cent, while at the other end of the scale, Connacht had the highest provincial commercial vacancy rate at 16.3 per cent. Of the ten counties with commercial vacancy rates lower than the national average, six were located in Leinster. All five counties in Connacht had commercial vacancy rates higher than the national average.


Town Commercial Vacancy Rates

GeoDirectory has carried out an analysis of 80 towns across the four provinces.  The report found that Ballybofey in Co. Donegal was the town with the highest commercial vacancy rate at 28.8 per cent, followed by Kilrush, Co. Clare (26.6 per cent), Edgeworthstown (26 per cent), Edenderry, Co. Offaly (25.7 per cent) and Shannon Co. Clare (25 per cent). Of the 15 towns with the highest commercial vacancy rate, New Ross (21.3 per cent) in Co. Wexford was the only to be located in Leinster.

Greystones, Co. Wicklow (5.7 per cent), Maynooth, Co. Kildare (7.5 per cent) and Gorey, Co. Wexford (9.1%) were the towns with the lowest commercial vacancy rates in the country.


Analysis of Key Economic Sectors

Of the 184,410 occupied commercial vacancy addresses in Ireland in June 2018, 86 per cent were allocated a NACE* code, allowing an analysis of the GeoDirectory database by economic sector. As per previous GeoView Commercial Vacancy Rates Reports, the services sector was the dominant economic sector for commercial activity, accounting for 47.6 per cent of the overall stock. This is followed by Retail and Wholesale (24.2 per cent) and Health (9.1 per cent).

Speaking about the findings of the latest GeoView Commercial Vacancy Rates Report, Dara Keogh, CEO of GeoDirectory said, “We are beginning to see evidence that the economic recovery is taking hold outside of Dublin, albeit at a slow pace. 14 counties recorded a drop in commercial vacancy rates in the year to date, compared to only two at this point last year. While this is a positive development, economic activity is still centred around Dublin, with Connacht, Ulster and the Midlands lagging behind.”

Annette Hughes, Director of EY-DKM Economic Consultants said, “The national commercial vacancy rate has fallen by nearly half a percentage point to June 2018 compared with the corresponding level in June 2017, with over half the counties in Ireland registering a decline. However, the stubbornly high commercial vacancy rates in western counties remain a concern, with Connacht, on average, 4pp higher than Leinster.”

   Read the Full Report logo
ENDS
For Further Information: 
Killian Keys, Wilson Hartnell, 086-1024302 / 01-6690030, killian.keys@ogilvy.com
Dara Keogh, CEO, GeoDirectory and Annette Hughes, Director of EY-DKM Economic Advisory are available for interview.

*NACE Rev. 2 is the statistical classification of economic activities; an acronym for General Industrial Classification of Economic Activities within the European Communities.
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.
GeoFindIT App: An award-winning, free app available to download on iOS and Android.  GeoFindIT provides information on the prices of all sold properties in Ireland. In addition, it lists details on thousands of hotels, shops, restaurants and bars across the country.

For further information or to view relevant case studies please visit: www.geodirectory.ie and @GeoDirectory_ie on Twitter.


For all of the GeoView Commercial Vacancy Property Reports from 2013 visit here

 

For other insightful information and content look at our series of expert blogs, indepth GeoView commercial or residential property reports or listen to our series of webinars. For other GeoDirectory Products visit here

Success Stories

Get there first time with the FREE GeoFindIT app. GeoFindIT is now available on iPhone and Android devices.

Find Out More
Geo Find It App Image Geo Find It App Image

Find out how our accurate data and expert services can benefit your organisation

For other insightful information and content look at our series of expert blogs, indepth GeoView commercial or residential property reports or listen to our series of webinars. For other GeoDirectory Products visit here