National commercial vacancy rate increases to 12.3% in Q3 2013 -
GeoDirectory and DKM publish in-depth analysis of commercial vacancy rates for 101 locations in 26 counties including Dublin
Highlights:
• The report classifies as vacant 27,405 of the 223,359 commercial address points recorded in the Republic of Ireland.
• There is an overall commercial vacancy rate of 12.3%. This is an increase on the 11.9% recorded in the Q2 2013 issue.
• The Q3 edition includes a one-off analysis of 101 locations, consisting of 79 of the largest towns in each of the 26 counties and the 22 Dublin postcodes.
• This report provides a unique examination of commercial vacancy rates and economic activity in each location.
• Ballybofey, Co. Donegal has the highest commercial vacancy rate of 28.2%. Greystones, Co Wicklow has the lowest vacancy rate of 3.5%.
8th October: The total number of vacant commercial units or premises recorded in the Republic of Ireland has increased according to the third GeoView quarterly report on Commercial Vacancy Rates, published jointly by GeoDirectory and DKM Economic Consultants. The report tracks vacancy rates nationally and by county. In this issue it examined commercial vacancy rates in 79 towns across the country, including 22 Dublin postcode locations. The report classifies as vacant 27,405 of the 223,359 commercial address points recorded in the country. The overall commercial vacancy rate is 12.3%. This is an increase on the 11.9% recorded in the Q2 2013 issue.
223,359 commercial units were identified by GeoDirectory in the Republic of Ireland. The highest number of commercial units was recorded in Dublin (48,972 address points or 21.9%) followed by Cork (26,137 or 11.7%) and Galway (12,728 or 5.7%). Leitrim, Longford and Carlow had the lowest number of commercial address points with less than 3,000 units in each county.
This report also examined the commercial vacancy rate in 79 of the biggest towns and cities in the 26 counties and the 22 Dublin postcode locations. The vacancy rates range from a high of 28.2% in Ballybofey, Co. Donegal to a low of 3.5% in Greystones, Co Wicklow.
GeoView also collected data regarding the breakdown of economic activity in each location. There are 81,645 units in the Services sector. This is the largest number of commercial address points per economic sector, and accounts for 46.3% of the total.
Commenting on the latest Geoview Quarterly Report, Dara Keogh, CEO, GeoDirectory said,
“The third GeoView report with DKM Economic Consultants offers comprehensive data on the commercial vacancy rates and economic activity in 101 locations in Ireland. This in depth analysis highlights the variance in towns across counties.
The increase in the overall commercial vacancy rate to 12.3% provides a significant insight into the commercial property landscape in Ireland in Q3 2013.”
Annette Hughes, Director of DKM Economic Consultants said “This is the third comprehensive report on the commercial (i.e. non-residential) building stock across the country. By examining data at 101 different locations, the GeoView report gives its readers a unique view of the spatial pattern of the commercial building stock and economic activity. This provides clear implications for the corresponding pattern and cost of services required to accommodate the existing building stock. The vacancy rates are also likely to influence the location of new 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.