Commercial vacancy rate in Mayo increased to 17.4% in December
THE commercial vacancy rate in Mayo increased to 17.4% in December, according to the latest GeoDirectory Commercial Buildings Report. The report, prepared by EY, found that this was higher than the national average of 14.3%.
Of the towns in Mayo analysed, Ballina had the highest commercial vacancy rate in Q4 2023 at 23.5%, while Westport had the lowest at 12.6%.
At a national level, the average commercial vacancy rate increased by 0.3 percentage points (ppt) to 14.3% in the year to Q4 2023. This is the highest level of commercial vacancy recorded by GeoDirectory since it began tracking data in 2013.
In total, there were 30,046 empty commercial units across the country, with the commercial vacancy rate increasing in 20 out of 26 counties.
Sligo, at 20.5%, was the county with the highest commercial vacancy rate, followed by Galway (18.5%) and Donegal (18.2%).
Commercial Address Points by Sector
Commenting on the findings, Dara Keogh, CEO of GeoDirectory, said: “The rate of commercial vacancies in Ireland has hit a new high of 14.3%, continuing the trend of increasing rates in recent years. This trend can be attributed to a number of factors such as the rising cost of doing business, changing consumer habits and hybrid working.
“Consideration must now be given to how some of these vacant properties can be repurposed and reused, in order to avoid long-term vacancy and potential dereliction of these buildings.”
Annette Hughes, director at EY Economic Advisory, said: “The latest Commercial Buildings Report finds that vacancy rates have continued to increase, with 20 out of 26 counties recording an increase in commercial vacancy in Q4 2023. Businesses have been impacted by a series of factors over recent years which have led to challenging trading conditions for many and so this increase is not unexpected.
“On a more positive note, the continued easing of inflation, ongoing reductions in energy prices and the anticipated cuts in interest rates should hopefully provide some relief for businesses this year.
“Longer term, strategic policy measures such as the forthcoming revision of the National Planning Framework offer an opportunity to influence future growth patterns, incentivising population and development into areas with particularly high vacancy rates.”