New report reveals growing commercial vacancy problem in Limerick
ONE LIMERICK town recorded the most significant year-on-year increase in commercial vacancy rates measured, in Munster, and the third highest nationally.
National figures were tallied in a recent commercial buildings report compiled by Geo Directory, showing that Limerick’s had the seventh highest commercial vacancy rate in Q4 2021 at 16.7%.
Data shows that since the Covid-19 pandemic began, the national commercial vacancy rate has progressively ticked upwards to a nine year high of 13.9%, with Limerick close to 3% above average.
Of the five counties containing the main urban centres in Ireland, which account for 47.3% of the total vacant commercial address points, Limerick city makes up 5.3% or 1,556 units.
Abbeyfeale recorded the second highest year-on-year increase in its commercial vacancy rate out of a total of 80 towns outside of Dublin districts that were analysed.
In Q4 2021, Abbeyfeale had a vacancy rate of 20.8%, which now sits at 23.6%, marking a 2.8 percentage point change, seven times the national average increase.
The only greater percentage point increases in Ireland were listed as Dublin 2, which saw a 3.1% increase in its commercial vacancy rate average and Roscommon town, topping the charts at 3.8%.
Newcastle West also featured in the top 15 vacancy rates by town in the surveyed quarter, totaling 21.8%, a 0.1 percentage point increase on the previous year.
Limerick city was also put under the microscope, with its commercial vacancy rate listed as 18.5%.
This comes from a total of 3,140 occupied units currently registered. Abbeyfeale and Newcastle West, while registering higher percentages, have 160 and 250 businesses registered, respectively.
Data also homed in on the accommodation and food service sectors, where Limerick scored well, through the loss of only two address points between Q4 2020 and Q4 2021.
A total of 874 commercial address points in the county are involved in this sector, which comprises 12.9% of Limerick’s total percentage share of commercial stock.
While 15 of the 26 counties had an increase in vacancy rates, the report concluded optimistically:
“The hope is that the economic recovery, combined with recent government incentives to rejuvenate towns and villages, will fuel a rebound in commercial occupancy over the coming years.”