Laois commercial vacancy rate falls to 13.2% in second quarter

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Laois commercial vacancy rate falls to 13.2% in second quarter

Laois’ commercial vacancy rate fell by 0.9 percentage points (pp) to 13.2% in Q2 2019 according to the latest GeoView Commercial Vacancy Rates Report published by GeoDirectory today.

The report, prepared by EY-DKM Economic Advisory Services founded that the national commercial vacancy rate has risen to 13.3% in Q2 2019, an increase of 0.2 percentage points (pp) on Q2 2018.

The east-west divide in terms of commercial activity shows no sign of slowing down, with the highest commercial vacancy rates occurring in Connacht.

Sligo is the county with the highest vacancy rate at 18.9%, followed by Leitrim (16.7%), Roscommon (16.3%), Mayo (16.3%) and Galway (16.2%).

Meath was the county with the lowest vacancy rate at 10.1%, followed by Kerry (10.6%) Wexford (10.9%) and Westmeath (11.6%).

Worryingly, 18 counties recorded an increase in vacancy rates in Q2 2019, while 15 counties had higher rates than the national average of 13.3%.

The largest percentage point increase in commercial vacancies occurred in Leitrim and Roscommon, rising by 1.1pp and 0.9pp respectively.

Laois recorded the highest decrease, with the vacancy rate falling by 0.9pp.

In the capital, the average commercial vacancy rate was 12.1%, unchanged from the same period in 2018. However, vacancy rates fluctuate considerably depending on Dublin postcode.

The area with the lowest vacancy rate in the county was Dublin 16 at 6.9%, while Dublin 8 recorded the highest vacancy rate in the capital at 15.4%, well above the national average.

Unsurprisingly, Dublin leads the way in total commercial address points, accounting for 23.6% of the national total.

When the remaining counties in Leinster are included, the province contains 49.5% of the national commercial stock.

In Laois, Portarlington was the town with the highest commercial vacancy rate at 18%, while Portlaoise had the lowest vacancy rate at 15.1%.

Nationally, Edenderry is the town with the highest commercial vacancy rate in the country at 28.8%, an increase of 3.1pp on the same time last year.

Ballybofey, Co. Donegal (28%) and Kilrush, Co. Clare (26.5%) also posted high vacancy rates.

Greystones in Co. Wicklow posted the lowest commercial vacancy rate in the country at 5.8%.

The report also gives a more detailed analysis of the GeoDirectory database by examining the breakdown of address points by sector of economic activity, using NACE codes. The GeoView Commercial Vacancy Rates Report for Q2 2019 focuses on the Accommodation and Food Services sector.

Through the analysis of NACE codes, the report finds that 11.7% of commercial properties in Laois are involved in the accommodation and food services sector.