Commercial vacancy rate at its highest level since for more than a decade [Video]

The national commercial vacancy rate rose 0.3 percentage points to 14.4% in the second quarter from 14.1% during the same period in 2023.

The latest Commercial Buildings Report from GeoDirectory shows there were 30,245 commercial properties classified as vacant in June, with vacancy rates increasing in 14 out of the 26 counties surveyed.

Dara Keogh, CEO of GeoDirectory said the vacancy rate is now at its highest level since the company began tracking commercial vacancy data in 2013.

“Changing consumer habits, the growth of online commerce, remote working and rising business costs have all contributed to a realignment of the commercial property market,” Keogh explained.

“The reality is that some of these commercial units may never now return to the commercial stock, requiring action to provide opportunities for targeted regeneration projects and the repurposing of long-term vacant buildings.”

The rate of commercial vacancy is generally higher in the west of Ireland is higher than in the rest of the country with Sligo …