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Number of vacant business properties up

Tuesday, August 12 11:35:52

The number of commercial premises lying vacant rose in the second quarter of this year, latest figures show.

The national average commercial vacancy rate increased from 11.9pc in Q2 2013 to 12.6pc in Q2 2014, according to new research published by GeoDirectory today.

For the first time the report includes an analysis of industrial commercial property including a breakdown of occupied manufacturing units in Ireland.

It found that there are 223,152 commercial address points across the country, of which, 28,013 were classified as vacant.

As expected, Dublin (22.0pc or 48,989 address points) had the highest number of unique commercial address points. This is followed by Cork (11.7pc or 26,006 address points) and Galway (5.7pc or 12,763 address points). Leitrim, Longford and Carlow had the lowest number of commercial address points, each with less than 3,000 units.

The highest vacancy rate was in Sligo (16.0pc), followed by Leitrim (15.5pc), Galway (14.8pc). The national vacancy rate increased by 0.7 percentage points, from 11.9pc to 12.6pc between Q2 2013 and Q2 2014. Co. Leitrim's commercial vacancy rate increased from 13.8pc in Q2 2013 to 15.5pc in Q2 2014. This represents a 1.7 percentage points increase and was the largest increase experienced of all counties.

Only two counties experienced a decrease in their commercial vacancy rate between Q2 2013 and Q2 2014. These were Kerry and Carlow where vacancy rates dropped by just 0.1 percentage points over the time period.

The report also examined the breakdown of occupied commercial address points under the NACE classification of "Industry" in the GeoDirectory Database. That is, commercial units involved in Manufacturing, Mining and Quarrying, Water Supply and Electricity, Gas, Steam and Air Conditioning Supply.

It found that 82pc of these were involved in Manufacturing activities.

Examining the breakdown of the occupied manufacturing units in Ireland, the report found that the sector representing the manufacture of food products has the highest number of occupied units at 15.4pc (1,203 units) while the manufacture of tobacco products has the lowest number of occupied units at 0.1pc (4 units).

Commenting on the findings, Dara Keogh, CEO, GeoDirectory said "With this first review of occupied commercial address points under the NACE classification of "Industry”, we are providing fresh and insightful data and a valuable indicator on the current state of the Irish economy, particularly the manufacturing sector. Our findings illustrate that once again, Dublin is the dominant economic force in Industry in Ireland."

For more visit: www.businessworld.ie