Carrigaline has lowest Cork commercial vacancy rate

Carrigaline has the lowest level of commercial vacant buildings among Cork towns while Youghal has the highest, according to research from Ireland’s only complete database of commercial and residential buildings.

Main St, Carrigaline, which has a commercial vacancy rate of 8.3% — the national rate was 13.5%.

The research from economic consultants DKM and GeoDirectory — a body jointly established by An Post and Ordnance Survey Ireland — found Carrigaline had a commercial vacancy of 8.3% in the second quarter of the year, largely unchanged from the same period last year.

Five Cork towns as well as the city centre were selected for the research out of 21 towns across Munster.

The national commercial vacancy rate in the second quarter of 2017 was 13.5%, an increase from 13.1% in the last 12 months.

Cork has just over 19,800 buildings classified as for commercial use, with services accounting for just under half. Distribution premises accounted for just under a quarter of Cork commercial buildings, and health just over 10%.

Across the county, commercial vacancy stood at 11.6%, marginally up from last year.

Cork city had just under 5,500 buildings for commercial use, of which 12.7% were vacant, almost comparable to the same period last year. Services, distribution and health use accounted for more than 85% of the commercial buildings in the city.

Carrigaline had 327 buildings classified as commercial, with almost 42% of them to be used in the services industry. The distribution industry accounted for just over 21% while premises used in health accounted for just under 16% — way above the national average of 9%.

Carrigaline was the only Cork town above the national average for industrial commercial buildings at just over 6%. The national average is 5.6% while Cork city has 3.2%. Commercial vacancy in Youghal went from almost 18% to more than 18.5%. Services and distribution accounted for more than 75% of all the 285 commercial buildings.

The level of commercial vacancy increased in Cobh, going from 15.7% in July 2016 to just under 17% this year.

More than half of the 214 commercial premises in Cobh are used in the services industry. Commercial vacancy in the north Cork town of Mallow stood at 13.4%, up slightly from just under 13% last year. Services accounted for 46% of the 404 buildings, while almost 30% were used in distribution.

In east Cork, Midleton had 434 commercial buildings of which 44.5% were used for services. Distribution accounted for just under 30%, while health accounted for almost 11%.

The highest vacancy rate of any county was recorded in Sligo at 18%, followed by Leitrim at 16.2%, Limerick at just under 16%.

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