Ballybofey has commercial vacancy rate of 30.2%
Ballybofey remained the town with the highest commercial vacancy rate in Ireland at 30.2%, registering an increase of 0.9% between the first two quarters of the year, according to the latest GeoDirectory Commercial Buildings Report, issued today.
The commercial vacancy rate for the county Donegal stood at 17.2% in June 2022, an increase of 0.4% percentage points (pp) compared to June 2021.
At 19.4%, Sligo was the county with the highest commercial vacancy rate, followed by Galway and Donegal (both at 17.2%), and Leitrim and Mayo (both 16.9%).
The report, found that the national commercial vacancy rate stood at 13.9% in June 2022, a marginal increase of 0.25pp when compared to the same period in 2021. The national commercial vacancy rate is the highest level recorded by GeoDirectory since it began reporting on the rates in 2013.
File pic of Ballybofey
Commercial vacancy rates increased in 15 out of 26 counties in the twelve months to June 2022, with a total of 29,241 vacant commercial units recorded across Ireland.
County Commercial Vacancy Rates
The highest commercial vacancy rates in June 2022 were found in the west and north-west of Ireland, continuing a trend observed in previous GeoDirectory Commercial Buildings Reports.
The county with the lowest commercial vacancy rate was Meath at 9.9%, followed by Wexford at 10.6% and Kerry at 11.7%.
Dublin recorded an increase of 0.5 pp in the second quarter (Q2) of 2022, with the commercial vacancy rate in the capital rising to 12.6%. For the second year in succession, Laois recorded the highest increase at 2.2pp, increasing the commercial vacancy rate in the county to 15.2%.
Province-wide, the commercial vacancy rate in Connacht increased by 0.1pp to 17.3% in the year to Q2 2022, while the commercial vacancy rate in Ulster increased by 0.3pp to 15.4%.
The GeoDirectory Commercial Buildings Report examined the commercial vacancy rates among a sample of 80 towns across the country in June 2022.
Of the towns in Donegal, Ballybofey had the highest commercial vacancy rate in Q2 2022 at 30.2%, while Buncrana had the lowest at 13.1%.
The report found that Ballybofey remained the town with the highest commercial vacancy rate in Ireland at 30.2%, registering an increase of 0.9pp between Q2 2021 and Q2 2022.
The Midlands towns of Edgeworthstown, Co. Longford and Edenderry, Co. Offaly, recorded the second and third highest commercial vacancy rates in the country at 26.3% and 25.2% respectively, followed by Kilrush, Co. Clare (25.1%) and Sligo Town (24.1%).
In the twelve months to June 2022, Carrigaline, Co. Cork moved from the third lowest to the lowest commercial vacancy rate in the country, decreasing from 8.8% Q2 2021 to 6.8% in Q2 2022. Greystones, Co. Wicklow (7.7%) and Gorey, Co. Wexford (8.2%) had the second and third lowest vacancy rates respectively.
Commercial Address Points by Sector
The analysis found that the Accommodation and Food Services sector accounted for 14.3% of all commercial address points in Ireland in June 2022. In total, 22,597 commercial units were classified as operating in this sector.
Commenting on the findings of the report, Dara Keogh, Chief Executive of GeoDirectory said “The latest GeoDirectory Commercial Buildings Report highlights a marginal but continued rise in commercial vacancy rates across Ireland.
At 13.9%, the national commercial vacancy rate in Q2 2022 was the highest recorded by GeoDirectory since we started compiling these reports in 2013. The past two and a half years have proved to be difficult for businesses to navigate, thanks to the impact of Covid-19 restrictions followed by rising inflation and energy costs.”
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