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    One in seven business premises now vacant as commercial vacancy hits record high

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    By Alan Healy,Irishexaminer.com

    Copyright irishexaminer

    One in seven business premises now vacant as commercial vacancy hits record high

    The GeoDirectory Commercial Vacancy Rates Report shows 30,800 commercial properties across the country were classified as vacant in June, with vacancy rates increasing in 17 out of 26 counties surveyed.

    The highest commercial vacancy rates continue to be found in the west of the country with Sligo, at 20.8%, recording the highest proportion of vacant commercial units. Donegal (20.3%), Galway (18.7%), Leitrim (18%) and Limerick (17.9%) rounded off the five counties with the highest commercial vacancy rates.

    Thirteen counties had a vacancy rate below the national rate of 14.6%. Meath, at 10%, had the lowest commercial vacancy rate in the country. Wexford (10.6%), Westmeath (12.2%), Kerry (12.2%) and Cork (12.5%) were the counties to record the next lowest commercial vacancy rates

    Analysis of the vacant properties, along with the 180,349 occupied units, found that the retail and wholesale sector suffered the largest decline in occupied units, falling by 460 over the year, followed by the Services sector, which faced a decline of 325 units.

    The analysis, conducted by EY, revealed that the industry sector was the only one not to experience a decline in occupied units over the 12 months.

    “Overall, the commercial vacancy rate is continuing its upward trajectory at the same time as residential vacancy rates have reached historic lows,” Annette Hughes, Director at EY Economic Advisory, said.

    “This trend highlights the significant challenges and market dynamics commercial businesses have faced in recent years, in spite of the strong overall economic performance of the Irish economy.

    Evolving shopping preferences and ongoing cost pressures on businesses and households continue to impact the sector, although the extent of their influence will vary depending on factors such as location and sector.

    Of the 80 main towns and urban areas surveyed by GeoDirectory nationally, Ballybofey in Co Donegal registered the highest commercial vacancy rate at 33.7%. Shannon, Co. Clare, moved to second place (from third previously) with a vacancy rate of 30.8%, followed by Boyle, Co. Roscommon, at 29.8%.

    At the other end of the scale, Carrigaline in Co. Cork (5.1%) and Greystones, Co. Wicklow, (5.5%) were the towns with the lowest vacancy rates.

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