Chronic commercial vacancy continues to plague Offaly town
Offaly’s commercial vacancy rate was 15.3% in Q2 2018, up 0.3 percentage points compared to the same period in 2017, according to the latest GeoView Commercial Vacancy Rates Report, published by GeoDirectory today.
As well as that, the figures revealed that Edenderry has one of the highest commercial vacancy rates in the entire country.
GeoDirectory has carried out an analysis of 80 towns across the four provinces. In Offaly, Edenderry at 25.7% was the town with the highest commercial vacancy rate in Q2 2018. Tullamore was the town with the lowest commercial vacancy rate in Offaly at 16.3%.
When compared to the rest of the country, the numbers reveal Edenderry is the fourth worst when it comes to commercial vacancy. Just Ballybofey (28.8%), Kilrush (26.6%) and Edgeworthstown (26%) were worse off when it came to the dreaded economic indicator.
The national commercial vacancy rate stands at 13.1%, with 14 counties recording a decline in commercial vacancy rates compared to only two counties at the same period in 2017. This suggests that the economic recovery is slowly beginning to take hold outside of Dublin. However, there is still a clear divide between counties in the East and West of the country, and in urban and rural areas, in terms of commercial vacancies, as shown by Offaly's figures.
Dublin was the county that recorded the largest commercial vacancy rate decline in Q2 2018, at 1.6pp. Within the capital, 16 districts out of 22 recorded vacancy rates lower than the national average. Dublin 2, registered a significant drop in its commercial vacancy rate (5.6pp), while Dublin 16, at 7.1%, had the lowest commercial vacancy rate in Dublin. In contrast, the highest commercial vacancy rates in Dublin were found in Dublin 8 and Dublin 11, both at 15.8%.
Meath and Kerry were the counties with the lowest commercial vacancy rates in the country at 10.4 per cent, while Sligo was once again the county with the highest commercial vacancy rate at 18.8%.
At a provincial level, Leinster’s commercial vacancy rate stood at 12.3%, while at the other end of the scale, Connacht had the highest provincial commercial vacancy rate at 16.3%. Of the ten counties with commercial vacancy rates lower than the national average, six were located in Leinster. All five counties in Connacht had commercial vacancy rates higher than the national average.
Speaking about the findings of the latest GeoView Commercial Vacancy Rates Report, Dara Keogh, CEO of GeoDirectory said, “We are beginning to see evidence that the economic recovery is taking hold outside of Dublin, albeit at a slow pace. 14 counties recorded a drop in commercial vacancy rates in the year to date, compared to only two at this point last year. While this is a positive development, economic activity is still centred around Dublin, with Connacht, Ulster and the Midlands lagging behind.”
Annette Hughes, Director of EY-DKM Economic Consultants said, “The national commercial vacancy rate has fallen by nearly half a percentage point to June 2018 compared with the corresponding level in June 2017, with over half the counties in Ireland registering a decline. However, the stubbornly high commercial vacancy rates in western counties remain a concern, with Connacht, on average, 4pp higher than Leinster.”
You can find out more about this report on www.geodirectory.ie.
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