*Photograph: Cian Ó Muíneacháin
CLARE’S commercial vacancy rate has increased to 15.8 percent.
Data for the month of December shows Clare had a commercial vacancy rate of 15.8 percent which is above the national average of 14.5 percent. This represents an increase of 0.1 percent when compared to December 2023. The national average is at its highest rate since records began.
Of the urban areas in Clare surveyed, Shannon had the highest commercial vacancy rate (30.8%), while Ennis had the lowest (19.3%)
Sligo was the county with the highest commercial vacancy rate at 20.6%, followed closely by Donegal (20.1%) and Galway at 18.8%. The lowest commercial vacancy rates were recorded in Meath (9.9%), Wexford (10.8%) and Kerry (12.3%)
In total, 30,365 of the commercial units were vacant across the state in December 2024 according to the latest GeoDirectory Commercial Buildings Report. The report also found that the commercial vacancy rate increased in 15 out of 26 counties.
Even though all four provinces experienced an increase in vacancy rates, four of the top six counties with the highest vacancy rates were in Connacht, continuing the trend of high commercial vacancy rates in the west of the country. The vacancy rate in Connacht reached 18.5%.
Commenting on the findings of the GeoDirectory Commercial Buildings Report, Dara Keogh, CEO of GeoDirectory, said, “The national vacancy rate for commercial properties increased again in Q4 2024, continuing the trend of recent years. At 14.5% it is now at its highest rate on record, with vacancy rates increasing in all four provinces”.
Annette Hughes, Director at EY Economic Advisory, said, “While residential vacancy continues to decline significantly, dropping to just 3.8% in our most recent GeoDirectory Residential Report, commercial vacancy trends are going in the opposite direction. At 14.5% the rate now sits 1% higher than before the Covid pandemic, representing an increase of over 2,100 commercial units and comes despite a strong economy, growing population and record employment. There are likely many factors at play here including, changes triggered by the pandemic, evolving shopping preferences and continued cost pressures on businesses and households”.
