National commercial vacancy rate in Ireland reaches 14.6% in Q4 2025

GeoDirectory report finds that the commercial vacancy rate increased in 14 counties in the twelve months to December 2025

GeoDirectory Commercial Buildings Report Q4 2025

• The national commercial vacancy rate in Ireland increased by 0.1 percentage points (pp) to 14.6% in the twelve months to December 2025, the highest rate recorded by GeoDirectory to date. 
• In total, there were 30,687 vacant commercial units across the country in Q4 2025.
• Sligo recorded the highest commercial vacancy rate at 20.8%, followed closely by Donegal (20.6%) and Galway at 18.7%.
• The lowest commercial vacancy rates were recorded in Meath (10.0%), Wexford (10.9%) and Westmeath (11.9%).
• Dublin’s commercial vacancy rate stood at 13.5% in Q4 2025 a 0.2 pp decrease on Q4 2024.
• Shannon, Co. Clare was the town with the highest commercial vacancy rate at 34.5%.
• 14 counties experienced an increase in vacancy rates, while eleven counties registered a decline.

26th February 2026

National Commercial Vacancy Rates
The national commercial vacancy rate in Ireland increased to 14.6% in Q4 2025, according to the latest GeoDirectory Commercial Buildings Report, prepared by EY. This represents an increase of 0.1 percentage points (pp) nationally and translates to 30,687 vacant commercial units across the country in December 2025. 
14.6% is the highest rate of commercial vacancy recorded by GeoDirectory since it began tracking commercial vacancy data in 2013.

County Commercial Vacancy Rates
Sligo recorded the highest commercial vacancy rate in the State at 20.8%, followed closely by Donegal (20.6%) and Galway (18.7%).

Connacht had the highest vacancy rate of the four provinces, at 18.6%, followed by Ulster (17.3%), Munster (14.3%) and Leinster (13.2%).

Meath remained the county with the lowest commercial vacancy rate in the country at 10.0%, followed by Wexford (10.9%) and Westmeath (11.9%).

Dublin’s commercial vacancy rate stood at 13.5%, a 0.2 pp decrease on Q4 2024. 

Analysis of Towns and Dublin Districts 
This report examined a sample of 80 towns throughout Ireland, as well as 22 postal districts in Dublin, to assess the shift in commercial vacancy rates from the fourth quarter of 2024 to the same period in 2025. 

The report found that Shannon, Co. Clare reported the highest commercial vacancy rate in Q4 2025 at 34.5%, increasing by 3.6 pp in the 12 months to December 2025. Ballybofey, Co. Donegal dropped from first to second place with a vacancy rate of 33.6%, a decrease of 2.8 pp. Boyle, Co. Roscommon (29.8%), Sligo Town (26.4%) and Letterkenny, Co Donegal (26.2%) completed the top five towns with the highest commercial vacancy rates.
In contrast, the lowest commercial vacancy rates in the country were recorded in Carrigaline, Co. Cork (5.1%) and Greystones, Co. Wicklow (7.3%). 

Dublin’s commercial vacancy rate stood at 13.5% in Q4 2025, a 0.2 pp decrease from Q4 2024, remaining below the national vacancy rate of 14.6%.

Dublin 8 had the highest vacancy rate of all Dublin districts at 17.7%, which is 3.1 pp higher than the national vacancy rate. Dublin 10 and Dublin 18 experienced the largest vacancy rate increases, growing by 2.1 pp each when compared with Q4 2024, followed by Dublin 4 and Dublin 11 which both increased by 1.3 pp.

The Dublin postcode with the lowest vacancy rate was Dublin 15, at 6.9%. 

Commercial Address Points by Sector
Using NACE codes to classify units by economic sector, GeoDirectory can identify broad trends in the use of commercial units nationally. Of the 179,971 occupied address points in the state in Q4 2025, 152,316 (84.6%) were assigned a NACE code, a decrease of 1,116 from Q4 2024 to Q4 2025.

The largest proportion of this decline can be attributed to the Retail and Wholesale sector as well as the Services sector suffering a decline of 397 and 387 units, respectively. The services sector, including hospitality and tourism, continued to have the largest share of commercial sites however, accounting for 49.5% of the overall total.

Within the Services sector, Accommodation and Food Services had the highest number of commercial units, accounting for 22,005 units or 14.4% of the total NACE codes. The next two sectors with the highest number of commercial units within Services were Other Service Activities with 18,623 units or 12.2%, followed by Professional, Scientific and Technical activities with 11,731 units or 7.7%.

The Retail and Wholesale sector was the second-largest sector in terms of occupied commercial sites, making up 21.8% of the total NACE codes or 33,226 commercial units. In the year to Q4 2025, retail and wholesale units recorded a decline of 397 units across the country.

Commenting on the findings of the GeoDirectory Commercial Buildings Report, Dara Keogh, CEO of GeoDirectory, said, "The continued upward trajectory of commercial vacancy rates, which remains at an all-time high of 14.6%, is an indicator of several economic factors which have been developing for a number of years. This includes the increased penetration of online shopping and commerce, along with remote working trends.

The changing needs of businesses and consumers, and the subsequent impact on commercial property, should be closely considered to ensure the best utilisation of these spaces in the future.” 

Commenting on the findings of the GeoDirectory Commercial Buildings Report, Simon MacAllister, Partner at EY, said, “The latest GeoDirectory Commercial Report finds that commercial vacancy rates have continued to nudge upwards, however this is in the context a large and diversified commercial property base of more than 210,000 units. While there are structural challenges in some regions, it is encouraging that nine of the fifteen towns with the highest vacancy levels recorded year on year improvements. This indicates that local efforts to revitalise town centres, along with natural commercial turnover, can have a positive impact.”

ENDS

Media Contacts: 
Killian Keys, Wilson Hartnell, Killian.keys@ogilvy.com, 086 1024302
Niamh O Connor, Wilson Hartnell, Niamh.oconnor@ogilvy.com, 085 8542540

Download the full Q4 2025 Commercial Buidlings report below