Commercial vacancy rates rise, survey

COMMERCIAL vacancy rates in County Wexford have increased from 10.3 per cent to 10.8 per cent since July 2016, according to new research published by GeoDirectory and DKM Economic Consultants.

Four towns in Wexford were included in this edition of GeoView. Of these, New Ross showed the highest commercial vacancy rate at 20.1 per cent followed by Enniscorthy at 15.9 per cent; Wexford at 11.9 per cent and Gorey with a relatively low vacancy rate of 8.4 per cent.

Nationally commercial vacancy rates rose from 13.1 per cent in Q2 2016 to 13.5 per cent in Q2 2017.

The research shows that 28,784 of the 212,717 commercial address points in Ireland were vacant and notwithstanding the emergence of the economic recovery since 2014, commercial vacancy rates across the 26 counties remain stubbornly high.

The new research, from the Q2 2017 edition of GeoView, shows that the highest vacancy rate of any county in Ireland was recorded in Sligo at 18 per cent.

This was, followed by Leitrim at 16.2 per cent, Limerick at 15.9 per cent, Galway at 15.6 per cent and Mayo at 15.5 per cent.

Kerry, which has consistently had a low vacancy rate over the past number of years, again had the lowest commercial vacancy rate at 10.6 per cent.

However, this has increased from 9.4 per cent compared to the same time last year.

The largest increase in commercial vacancy rates was seen in Longford with vacancy rates increasing from 12.9 per cent in Q2 2016 to 14.9 per cent in Q2 2017.

Leinster (excluding Dublin) had an average vacancy rate of 12.6 per cent.

Speaking following the publication of the report, Dara Keogh, CEO, GeoDirectory said: ‘Despite the improvements we have seen in the economy in recent years, commercial vacancy rates have remained stubbornly high.

‘In Dublin 2, where the economic recovery is obvious and demand for office space is apparently strong, we have recorded a vacancy rate of 18.3 per cent.

‘This suggests there is a serious mismatch between the stock that is available and what is being demanded.’

She said one of the most prominent points to emerge from this edition of GeoView is that the vast majority of the 15 towns with the highest commercial vacancy rates were either based along the West coast of Ireland or were in the Midlands.

‘These 15 towns had commercial vacancy rates in excess of 20% and well above the national average.’

One of the most prominent points to emerge from the data is that the vast majority of the 15 towns with the highest commercial vacancy rates were either based along the west coast of Ireland or were in the Midlands