Kerry has lowest property vacancies

Kerry has the lowest number of vacant commercial properties in the country followed by Wexford and Westmeath, while Munster tops the provincial table with the fewest number of vacancies.

North-western counties, Sligo (16.6%) and Leitrim (15.5%) have the highest vacancy rates in the country followed by Galway (15.1%) and Limerick (14.3%).

Somewhat surprisingly, Dublin has the next highest level of vacancies at 13.7% but boasts the largest number of commercial properties at 49,000 which accounts for 22% of the country’s total.

Cork, meanwhile, fares relatively well but still has a vacancy rate of 11.5% – almost exactly that of Kilkenny (11.3%).

Commenting on the latest Geoview Quarterly Report, GeoDirectory chief executive, Dara Keogh said: “This edition of Geoview shows that three counties have experienced a decline in their commercial vacancy rate over the last year, and that the towns with the highest commercial vacancy rates have seen little changes in rates compared to last year with only one of these towns showing a decline in their vacancy rate”.

The overall rate in Q3 2014 remained relatively stable at 12.7% but increased slightly on the same period last year when the rate stood at 12.3%.

Clare experienced the largest increase in vacant properties in the last 12 months with a 1.3% increase to 12.9%.

Kerry (0.1%); Dublin (0.3%) and Carlow (0.4%), experienced a decrease in commercial vacancy rates between the third quarter of last year and the corresponding period of 2014.

Ballybofey in Co Donegal is the worst affected town nationwide in terms of vacancies with a third or properties lying vacant – an increase of 4% on last year – followed by Co Sligo seaside town, Enniscrone at 24%.

In the capital, Dublin 17 recorded the highest commercial vacancy rate of 20.7% while Dublin 16 had the lowest number of vacancies at 5.8%.

Director of DKM Economic Consultants, Annette Hughes said the figures underline the recovering economic environment in the capital.

“By examining data at 101 different locations, the GeoView report gives its readers a unique view of commercial activity in Ireland.

Evidence of the economic recovery in Dublin, at least, is apparent from the fact that 14 out of 22 postal districts analysed, experienced a decline in vacancy rates over the year,” said Ms Hughes.

Connacht had the worst vacancy rate in Q3 2013, which worsened further by 0.9% in the subsequent 12 months to 13.7%.

The second highest rate was in Leinster where it increased from 12.4% to 12.6% in the same period while 11.4% of commercial properties were vacant in Ulster at the end of the third quarter of this year. The 12% recorded in Munster, while worse than last year’s figure, represents the lowest provincial total.

Kilrush in Co Clare has the province’s highest vacancy rate at 21.5% while Carrigaline, Co Cork has the lowest at 8.4%.

Nationwide, service sector firms account for more than 45% of commercial occupancy, followed by the distribution sector which accounts for just under a quarter.