Thursday 14 December 2017

Commercial properties classified as vacant across Ireland rises to 13.5pc despite recovery

There were only five Dublin districts where vacancy rates were less than 10pc.
There were only five Dublin districts where vacancy rates were less than 10pc.

Ronald Quinlan Commercial Property Editor

The number of commercial properties across Ireland classified as vacant rose by 0.9pc from 12.6pc in the final quarter of 2015 to 13.5pc in the equivalent period in 2016, according to the latest report from GeoDirectory.

The report shows there were 213,666 commercial address points in Ireland, with 28,796 of these lying vacant. The data indicates there is a substantial stock of unused commercial property not just across the country, but in Dublin too.

GeoDirectory - a database of Ireland's commercial and residential addresses - found there were only five Dublin districts where vacancy rates were less than 10pc.

The Dublin district with the highest vacancy rate was D17 (19.2pc), while D16 (7pc) had the lowest vacancy rate.

One key finding from the survey is that counties on the west coast continue to lag behind their eastern counterparts in securing occupiers for their commercial property stock. Sligo (18pc), Leitrim (16.4pc), Donegal, Mayo (15.6pc each), Galway (15.4pc) and Limerick (15.3pc) are the six counties with the highest-recorded vacancy rates.

This divergence is evident again when it comes to examining the vacancy rates at provincial level. Connacht, at 15.7pc, had the highest vacancy rate, while Leinster (excluding Dublin), recorded a vacancy rate of 12.5pc. Munster also recorded a vacancy rate below the national average at 12.9pc, while Ulster and Dublin recorded vacancy rates of 14pc and 13.7pc respectively.

In the last year, commercial vacancy rates increased in 25 out of the 26 counties. Limerick was the only county that retained the same vacancy rate as Q4 2015, albeit at a relatively high rate of 15.3pc. Kerry recorded the lowest vacancy rate of any county in the final three months of 2016 at 10.2pc. This however, represented a one percentage point increase on the previous year. An analysis of 101 locations, including 79 towns across the four provinces plus 22 Dublin districts, found that Edenderry, Co Offaly had the highest vacancy rate at 31pc.

"We're seeing the divide between the commercial success in the east and west growing. The six counties with the highest vacancy rates are on the west coast. Our figures reinforce the theory that the recovery is somewhat skewed, with the west of Ireland falling behind the rest of the country," said GeoDirectory ceo Dara Keogh.

Irish Independent

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