GeoDirectory and DKM publish new GeoView Quarterly Commercial Premises Vacancy Rates Report
- Figures highlight national vacancy rate has hit 11.4% in Q1 2013 -
Highlights:
- 25,432 commercial units were recorded as vacant in the GeoView Quarterly Report, out of a total number of 223,451 commercial units nationally
- Dublin has the highest number of commercial units with 49,035 and the largest number of vacant units (6,202)
- Sligo (15.1%) and Leitrim (13.8%) and Carlow (13.1%) recorded the three highest commercial vacancy rates
- Vacancy rates in Dublin, Galway and Limerick were at the higher end of the scale at almost 13%
Thursday, 28th March, 2013: The total number of vacant commercial units or premises recorded in the Republic of Ireland was 25,432, according to the first GeoView Quarterly Commercial Premises Vacancy Rates Report published jointly by GeoDirectory and DKM Economic Consultants today. The new report tracks vacancy rates nationally and by county. The Q1 figures issued indicate an average vacancy rate for commercial units nationally of 11.4%, and are accurate as of January 2013.
223,451 commercial units were identified by GeoDirectory in the Republic of Ireland. The highest number of commercial units was recorded in Dublin with 49,035 premises and the largest number of vacant units - 6,202 or a 13% vacancy rate.
13 counties; Sligo, Leitrim, Carlow, Limerick, Galway, Dublin, Laois, Donegal, Mayo, Roscommon, Offaly, Waterford and Longford recorded commercial vacancy rates above the national average of 11%. Sligo (15.1%) and Leitrim (13.8%) and Carlow (13.1%) recorded the three highest commercial vacancy rates. In contrast four counties; Kerry, Meath, Westmeath and Wexford recorded the lowest commercial rate across the country, at 9%.
The report uses an ‘address point’ as a unit as opposed to a ‘building’ which can comprise one or more units.
The report also includes the breakdown of address points by sector of economic activity using NACE codes. NACE codes are a statistical classification of economic activities used within the European Communities. These are aggregated into the following eight broad groupings: Industry, Financial and Insurance, Construction, Distribution, Education, Public Administration and Defence and Compulsory and Social Security, and Human Health and Social Work activities.
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 area recorded through a combination of the An Post network of 5,600 delivery staff working with OSi.
DKM Economic Consultants is a leading economic consultancy with a strong record of research across many areas and sectors, including building and construction. DKM staff have accumulated considerable experience in working with a range of private and public sector clients, including Government departments, local authorities and other public sector agencies.
Commenting on the new Geoview Quarterly Report, Dara Keogh, CEO, GeoDirectory said,
“This, the first Geoview report with DKM Economic Consultants, provides significant insights into the commercial property landscape in Ireland, highlighting 11.4% of the 223,451 premises currently recorded as vacant.
The 11.4% figure is in line with a trend that GeoDirectory has tracked nationally, indicating that 9 out of 10 commercial premises across the country are occupied.
This research will strengthen our work with our partners both in the public and private sector, providing the most relevant tools to support effective and long-term planning in the Republic of Ireland.”
Annette Hughes, director of DKM Economic Consultants said “This is the first comprehensive report on the commercial (i.e. non-residential) building stock across the country. It will help fill the gap in respect of the knowledge on the stock of buildings and will contribute to a better understanding of trends on the ground. Tracking the vacancy rate over time will provide a new indicator to help gauge economic recovery while the composition of commercial buildings by NACE code will show where new economic activity is located.”
The GeoView Commercial Premises Vacancy Report will be published on a quarterly basis by GeoDirectory and DKM Economic Consultants, tracking vacancy rates nationally and by county.
A copy of the GeoView Commercial Premises Vacancy is attached in PDF format and is availablle here Commercial Vacancy Report Q1 2013