Commercial vacancy rate one of lowest in country

WEXFORD’S vacancy rate was 11 per cent in the final quarter of 2018 according to the latest GeoView Commercial Vacancy Rates Report, which is one of the lowest in the country.

The report highlights the widening gap between the East and West coast in terms of commercial activity, showing that while the economy has improved significantly in recent years, it is mainly centred around urban areas.

For example, Dublin and the surrounding counties of Meath, Kildare and Wicklow, account for 33.2 per cent of all commercial properties in the country. In contrast, the five counties in Connacht accounted for only 13.6 per cent of the national stock.

Wexford has one of the lowest commercial vacancy rates in the county with only Meath (10.4) and Kerry (10.6) lower.

In Wexford, New Ross at 21.4 per cent was the town with the highest commercial vacancy rate in the final quarter of 2018. Gorey has the lowest commercial vacancy rate in the county at 9.1 per cent.

The report also gives a more detailed analysis of the GeoDirectory database by examining the breakdown of address points by sector of economic activity, focusing on the Accommodation and Food Services sector.

In Wexford, 13.4 per cent of commercial properties are involved in the accommodation and food services sector.

Speaking afterwards Cllr Malcolm Byrne said: ‘ The latest study of commercial vacancy rates shows that Gorey continues to be one of the most attractive towns in Ireland in which to do business.

‘ The report is generally good news for Co. Wexford, as the commercial premises vacancy rate is below the national average and particularly for Gorey, which has one of the lowest vacancy rates in Ireland. Unfortunately, New Ross is at the other end of the scale.

‘While the national vacancy rate is 13.2 per cent, Wexford at 11 per cent is below the national average. Gorey at 9.1 per cent is the town with the fourth lowest vacancy rate in Ireland after Greystones, Maynooth and Carrigaline.

‘Wexford town measures 12.2 per cent vacancy, Enniscorthy is at 16.1 per cent while more than one fifth (21.4 per cent) of commercial premises in New Ross were vacant last year.

‘Commercial premises vacancy is a good indicator as to how a town is performing economically. The Geoview survey is a joint initiative of An Post and Ordinance Survey and is quite accurate.’

Cllr Byrne went on to say ‘ this survey confirms Gorey as one of Ireland’s leading and most progressive business towns and we know locally that there is a strong demand for commercial space.

‘Gorey has lower commercial vacancy rates than many affluent parts of Dublin, including Dublin 2 and 4. We need to continue to provide the infrastructure to meet that demand.’