Longford’s commercial vacancy rate has decreased fractionally to 14.9%, according to the latest GeoView Commercial Vacancy Rates Report published by GeoDirectory today.
The report, prepared by EY-DKM Economic Advisory Services, found that the commercial vacancy rate increased in all four provinces in 2019.
The national commercial vacancy rate stood at 13.3% in Q4 2019, 0.1pp higher than the same period in 2018.
In total, 16 counties recorded increases in their commercial vacancy rate, with a decrease occurring in only 6 counties. Sligo, at 18.9%, was the county with the highest commercial vacancy rate. The five counties with the highest vacancy rates were all located in Connacht, a sign of the prominent east-west divide in terms of commercial activity.
At 10.1%, Meath recorded the lowest commercial vacancy rate in the country, followed by Kerry (10.7%), Wexford (10.9%), Westmeath (11.6%) and Cork (11.7%). The commercial vacancy rate in Dublin was 12%, 1.3pp lower than the national average.
Almost a quarter (23.5%) of all commercial properties in Ireland are located in Dublin, equating to 49,812 commercial address points. The three Ulster counties of Donegal, Cavan and Monaghan accounted for only 7.8% of the national total, while Munster and Connacht had 28.9% and 13.7% of the national total respectively.
Edenderry in Co. Offaly, at 29.1%, was the town with the highest commercial vacancy rate in the country. Ballybofey in Co. Donegal dropped to second place in the list after registering a 3pp drop in commercial vacancies in 2019. The rate in the town now stands at 27.7%.
In Longford, Edgeworthstown was the area with the highest commercial vacancy rate at 25.0%. Longford town had the lowest vacancy rate at 22.1%.
Commenting on the GeoView Commercial Property Report, Dara Keogh, CEO GeoDirectory said, “GeoDirectory’s recent commercial property reports have shown that there is a deepening divide between the east and west of the country in terms of economic activity, and this trend is showing no signs of slowing down.
"The report also provides a fascinating insight into the changing nature of commercial property usage. For example, the cultural trend of health and wellness has seen a 167% increase in the number of gyms in the country over the past ten years, while the number of café’s in main urban centres has increased by over 50%.”