Commercial vacancy rates in Ireland have decreased, from 12.8% in 2014 to 12.6% 2015, according to new research published by GeoDirectory today.
The total number of occupied commercial premises in Ireland increased throughout 2015 from 194,642 in Q4 2014 to 195,803 in Q4 2015.
The review found that the national average commercial vacancy rate in Q4 2015 was 12.6%. This figure represents a decrease in commercial vacancy of 0.2 percentage points since Q4 2014. 16 counties recorded a decrease in commercial vacancy rates between Q4 2014 and Q4 2015.
The data was published by GeoDirectory, which was jointly established by An Post and Ordnance Survey Ireland (OSi) to create and manage Ireland’s only complete database of commercial and residential buildings.
These figures are recorded through a combination of the An Post network of 5,600 delivery staff working with OSi.
According to Q4 2015 figures, there were 224,003 commercial properties in Ireland, 28,200 of which were vacant.
At 49,809, Dublin had the largest number of unique commercial address points followed by Cork (25,627) and Galway (12,877).
In 2015, Leitrim, Longford and Carlow had the lowest number of commercial address points with less than 3,000 units in each county, as was the case throughout 2013 and 2014.
Services was the most popular sector with 84,449 of the total 180,467 properties allocated a NACE code. The distribution sector had the next highest number of commercial address points, accounting for 23.9% of the total.
Dara Keogh, CEO, GeoDirectory, commented: “The trends we saw throughout 2013 and 2014 seem to have shifted. Where in the past we saw vacancy rates increasing at varying rates, we are now seeing falling vacancy rates in many parts of the country. Connacht and Ulster still seem to be struggling, however there are strong signs of a recovery with just eight counties across the country showing an increase in commercial vacancy rates year on year.”
Annette Hughes, director, DKM Economic Consultants, added: “We have now completed our third comprehensive annual report on the commercial building stock in Ireland. The GeoView reports provide a unique view of the geographical spread of commercial building stock and corresponding vacancy rates in Ireland over the three years 2013-2015.”