Tipp commercial vacancy rate remains the same but above the national average

There was no change in the commercial vacancy rate in Tipperary in quarter four of 2022.

The rate remained unchanged at 14.5%, according to the latest GeoDirectory Commercial Vacancy Rates Report.

Clonmel had the highest vacancy rate at 18.5%, while Nenagh had the lowest at 14.7% Overall, Tipperary accounted for 3.8% of the national commercial stock.

According to the new report, the vacancy rate in Tipperary is higher than the national average of 14%

This is the highest level recorded by GeoDirectory since the report started in 2013. The report found that vacancies increased in 18 out of 26 counties.

Chief Executive of GeoDirectory Dara Keogh said:

“It is likely that this will continue in the short to medium term, as working-from-home becomes more formalised, combined with the growth of online retail and services, resulting in businesses requiring less physical space than previously.”

The report found that Shannon, Clare was the town with the highest commercial vacancy rate in the state, at 29.8%.
Gorey in Wexford and Greystones in Wicklow were the towns with the lowest commercial vacancy rate in the country, at 7.1% each.

Director of EY Economic Advisory Services Annette Hughes, said: “Only five counties in the country recorded a decrease in commercial vacancy rates, while counties along the west coast continue to exceed the national average.

“Looking at specific economic sectors, there was a notable drop in the number of Service and Retail & Wholesale units, which points to the ongoing challenges these sectors face due to evolving economic trends and geopolitical uncertainties.”