According to the latest GeoView report, 430 of the 3,383 commercial addresses recorded in Offaly in Q1 2014 were vacant. This is a commercial vacancy rate of 12.7%.
The report classifies as vacant 27,791 of the 223,336 commercial address points recorded in the Republic of Ireland.
The national commercial vacancy rate in Q1 2014 is 12.4%. This is a notable increase on the 11.4% vacancy rate recorded in the Q1 2013 issue. In Q1 2014, Kerry recorded the lowest average vacancy rate of any county at 8.9% and Sligo recorded the highest at 16%.
The total number of vacant commercial premises in Offaly has increased from 11.9% in Q1 2013 to 12.7% in Q1 2014 according to new the data published by GeoDirectory. For the first time the report includes an analysis of the commercial vacancy rates of a selection of Ireland’s main shopping centres and high streets in Dublin, Cork, Galway, Kilkenny and Limerick.
According to the latest edition of GeoView which is published quarterly, there are 223,336 commercial address points across the country, of which, 27,791 were classified as vacant. The national commercial vacancy rate in Q1 2014 is unchanged from the 12.4% reported in Q4 2013.
13 counties; Sligo, Leitrim, Galway, Dublin, Limerick, Roscommon, Waterford, Carlow, Donegal, Mayo, Laois, Longford and Offaly recorded commercial vacancy rates above the national average of 12.4%. Sligo (16%), Leitrim (15.3%) and Galway (14.6%) recorded the three highest commercial vacancy rates. In contrast three counties; Kerry, Westmeath and Wexford recorded the lowest commercial rate across the country of less than 10%.
As expected, Dublin (21.9% or 48,962 address points) had the highest number of unique commercial address points. This is followed by Cork (11.7% or 26,070 address points) and Galway (5.7% or 12,783 address points).
Of the 27,791 vacant commercial address points Dublin had the highest share of 24.4% while Cork had the second highest share of 10.7%. Leitrim and Longford had the lowest share of vacant commercial address points at 1.1% each. Nationwide, the highest commercial vacancy rate was 16% recorded in Sligo.
The report uses an ‘address point’ as a unit as opposed to a ‘building’ which can comprise one or more units.
This issue of GeoView includes an analysis of commercial vacancy rates in selected shopping centres and streets in Cork, Dublin, Galway, Kilkenny and Limerick. These streets and shopping centres contain commercial units involved in different economic sectors, though the majority have a retail focus. Analysis of the high streets includes every business premises on that street.
The average national commercial vacancy rate of the high streets analysed in GeoView was 13.5%. The street with the highest commercial vacancy rate was Patrick Street in Limerick where 14 of the 25 (or 56.0%) commercial units were classified as vacant. Opera Lane in Cork (15 units) and College Street (8 units) in Dublin were the only two high streets found to have full occupancy.
The average commercial vacancy rate of the shopping centres included in the survey was 10.9%. The shopping centre with the highest commercial vacancy rate was the Roxboro Shopping Centre in Limerick where 16 of the 37 (or 43.2%) of commercial units were classified as vacant. Mahon Point Retail Park in Cork and Jervis Street Shopping Centre in Dublin were the only two shopping centres found to have full occupancy.
Commenting on the findings, Dara Keogh, CEO, GeoDirectory said “With this first review of commercial vacancy rates in selected shopping centres and high streets in Ireland, we are providing fresh and insightful data and valuable indicators of the economic well-being of the domestic Irish economy particularly the retail sector. Our findings illustrate that there are certainly parts of the country that are feeling the effects of the economic downturn more keenly than others.”
Annette Hughes, Director of DKM Economic Consultants said “This is the fifth comprehensive report on the commercial (i.e. non-residential) building stock across the country. By examining data from a number of the major shopping centres and high streets across Ireland, the GeoView report gives its readers a snapshot of the vacancy situation in the retail building stock in key urban locations in Ireland in Q1 2014.”
The GeoView Commercial Premises Vacancy Report is published on a quarterly basis by GeoDirectory and DKM Economic Consultants, tracking commercial vacancy rates nationally and by county.