Waterford has more vacant commercial units than most other counties
Waterford’s commercial vacancy rate was 14.3% in Q2 2018, above the national average of 13.1%, according to the latest GeoView Commercial Vacancy Rates Report, published by GeoDirectory today.
The report does show that Waterford's vacancy rate is on the way down as it fell 0.3% when compared to the same period in 2017.
However, it also reveals that the vacancy rate in Waterford city, Tramore and Dungarvan was well above the average. The city's commercial vacancy rate stands at 17.2%, down from 18% in Q2 of 2017; Tramore's tallies at 13.9%, slightly up on the 13.8% recorded last year; while Dungarvan's rate has shown good improvement falling from 16.1% last year to 14.5% this year.
The national commercial vacancy rate stands at 13.1%, with 14 counties recording a decline in commercial vacancy rates compared to only two counties at the same period in 2017. This suggests that the economic recovery is slowly beginning to take hold outside of Dublin. However, there is still a clear divide between counties in the East and West of the country, and in urban and rural areas, in terms of commercial vacancies.
Dublin was the county that recorded the largest commercial vacancy rate decline in Q2 2018, at 1.6pp. Within the capital, 16 districts out of 22 recorded vacancy rates lower than the national average. Dublin 2, registered a significant drop in its commercial vacancy rate (5.6pp), while Dublin 16, at 7.1%, had the lowest commercial vacancy rate in Dublin. In contrast, the highest commercial vacancy rates in Dublin were found in Dublin 8 and Dublin 11, both at 15.8%.
Meath and Kerry were the counties with the lowest commercial vacancy rates in the country at 10.4 per cent, while Sligo was once again the county with the highest commercial vacancy rate at 18.8%.
At a provincial level, Leinster’s commercial vacancy rate stood at 12.3%, while at the other end of the scale, Connacht had the highest provincial commercial vacancy rate at 16.3%. Of the ten counties with commercial vacancy rates lower than the national average, six were located in Leinster. All five counties in Connacht had commercial vacancy rates higher than the national average.
Speaking about the findings of the latest GeoView Commercial Vacancy Rates Report, Dara Keogh, CEO of GeoDirectory said, “We are beginning to see evidence that the economic recovery is taking hold outside of Dublin, albeit at a slow pace. 14 counties recorded a drop in commercial vacancy rates in the year to date, compared to only two at this point last year. While this is a positive development, economic activity is still centred around Dublin, with Connacht, Ulster and the Midlands lagging behind.”
Annette Hughes, Director of EY-DKM Economic Consultants said, “The national commercial vacancy rate has fallen by nearly half a percentage point to June 2018 compared with the corresponding level in June 2017, with over half the counties in Ireland registering a decline. However, the stubbornly high commercial vacancy rates in western counties remain a concern, with Connacht, on average, 4pp higher than Leinster.”
You can find out more about this report on www.geodirectory.ie.
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