Com­mer­cial va­cancy rates rise, sur­vey

David Tucker david.tucker@peo­ple­news.ie

Wexford People - - NEWS -

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

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