DECREASE IN OCCUPIED COMMERCIAL PREMISES IN IRELAND THROUGHOUT 2013
- FIRST ANNUAL REVIEW OF COMMERCIAL VACANCY RATES PUBLISHED -
Highlights:
- 27,585 of the 223,308 commercial addresses recorded in the Republic of Ireland in 2013 were vacant.
- The national commercial vacancy rate in Q4 2013 was 12.4%. The average national commercial vacancy rate in 2013 was 12%.
- In 2013, Kerry recorded the lowest average vacancy rate of any county at 8.9% and Sligo recorded the highest at 15.4%.
DATE: The total number of occupied commercial premises in Ireland decreased throughout 2013 from 198,019 in Q1 to 195,723 in Q4 a decrease of 1.2% according to new data published by GeoDirectory today.
The new data is from the 2013 Q4 edition of GeoView which is published quarterly. It is the first annual review of commercial vacancy rates in Ireland that not only provides national data but also breaks down the data down by quarter, by county, by province and by economic sector.
The review found that the national average commercial vacancy rate in Q4 2013 was 12.4%. The average national commercial vacancy rate for the year as a whole was 12%. On average, Kerry recorded the lowest average vacancy rate of any county in 2013 at 8.9%. Sligo recorded the highest average commercial vacancy rate of any county in 2013 at 15.4%.
All four provinces recorded an increase in their overall vacancy rate in 2013 of around 1 percentage point; Connaught (12.9% in Q1 2013 to 13.9% in Q4 2013), Leinster (11.4% in Q1 2013 to 12.4% in Q4 2013), Munster (10.7% in Q1 2013 to 11.7% in Q4 2013) and Ulster (11.3% in Q1 2013 to 12% in Q4 2013).
The data was published by GeoDirectory which 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. These figures are recorded through a combination of the An Post network of 5,600 delivery staff working with OSi.
According to the Q4 figures, there were 223,308 commercial properties in Ireland, 27,585 of which were vacant. In line with 2013 trends, the highest vacancy rate recorded in Q4 was in Sligo with 16% and the lowest was in Kerry with 8.9%.
At 48,966 or 21.9% Dublin had the largest number of unique commercial address points followed by Cork (11.7% or 26,086) and Galway (5.7% or 12,751). Leitrim, Longford and Carlow had the lowest number of commercial address points with less than 3,000 units in each county, as was the case throughout 2013.
Commenting on the findings, Dara Keogh, CEO, GeoDirectory said “We are delighted to publish the first annual review of commercial vacancy rates in Ireland. This edition of GeoView provides valuable indicators of the economic well-being of the State, by province and by county throughout 2013.
The vacancy rate increased steadily over the course of the year and was matched by a steady decrease in occupied commercial premises in Ireland which indicates that businesses may still be feeling the effects of the economic downturn.”
Annette Hughes, Director of DKM Economic Consultants said “This is the fourth comprehensive report on the commercial (i.e. non-residential) building stock across the country. By examining data from each quarter of 2013 the GeoView report gives its readers a unique view of trends in the commercial building stock in Ireland throughout 2013.”
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 Infographic is attached in PDF format.
ENDS
Notes to Editor:
Mr. Dara Keogh, CEO of 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 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 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.
For further information or to view relevant case studies please visit www.geodirectory.ie
For further information, please contact:
Niamh O’Keeffe
Wilson Hartnell Public Relations
Tel: +353 1 6690299
Mob: +353 87 9703752