One in eight commercial properties in Munster are vacant
Across the towns in Munster, Shannon, Co Clare (29.4%) had the highest vacancy rate, increasing by 5.7 points over the past year. Carrigaline in Co Cork had the second lowest vacancy rate in the country at 7.5%. File picture: Dan Linehan
The level of commercial vacant properties across Munster was marginally below the national average, new figures show.
Data from Geodirectory shows 13.8% of properties in the region were vacant in the second quarter, while the national figure stood at 14.1%.
Across the six counties, Limerick had the highest vacancy rate at 16.9%, followed by Co Clare at 15.7%. Kerry had the lowest vacancy rate in the province at 12.2%.
Analysis of the data carried out by EY Ireland found commercial vacancy rates increased in 20 out of 26 counties in the 12 months to June, with a total of 29,798 vacant commercial units recorded across Ireland.
Across the towns in Munster, Shannon, Co Clare (29.4%) had the highest vacancy rate, increasing by 5.7 points over the past year. Carrigaline in Co Cork had the second lowest vacancy rate in the country at 7.5%.
The services sector accounted for 49.3% of all commercial sites across the country. Within that sector, the accommodation and food services sector accounted for 14.4% (22,481 units) of all commercial address points in Ireland.
Kerry, at 24.5%, was the county with the highest shares of accommodation and food services units followed by Clare (20.6%), Donegal (19.2%), Leitrim (18.8%), Mayo (17.8%), and Galway (17.8%).
GeoDirectory chief executive Dara Keogh said the national vacancy figure of 14.1% was the highest level on record.
"Businesses are clearly still struggling with the increasing costs of doing business in regard to energy costs and food inflation. An additional challenge this year has been interest rate increases, which are generating some pressures for commercial owner occupiers and tenants," he said.
Annette Hughes, Director with EY Economic Advisory said the increases in vacancy levels are to an extent unsurprising, with trends such as working from home, sustainability and energy efficiency likely having some impact.
"While there have been increases in the cost of doing business for some companies, the overall Irish economy remains in a good position, with further growth and increases in the numbers employed forecast."
