Vacancy Rate In Commercial Properties Around Ireland Remained Relatively Steady During Second Quarter Of 2021
The vacancy rate in commercial properties around Ireland remained relatively steady during the second quarter of this year.
As reported by rte.ie, according to the latest GeoView Commercial Vacancy Rates Report from EY for GeoDirectory, out of a total commercial property stock of 211,739 units in Ireland, 28,831 were classified as vacant in June of 2021, which resulted in a vacancy rate of 13.6%.
The figures report reportedly shows that while there was an increase of 210 in the total number of units in the year, the number of vacant units increased by 362, which reportedly represented a very marginal increase in the vacancy rate of 0.1 percentage points on the same period in 2020.
Meath and Wexford were reportedly the counties with the lowest vacancy rates, with approximately 10% of units being unoccupied, while Sligo was reportedly the county with the highest vacancy rate, with one in every five units being vacant.
However, there are reportedly variations within counties and Greystones in Co. Wicklow was reportedly the town with the lowest vacancy rate, at 7%, followed by Gorey in Co. Wexford at 7.8%, while Ballybofey in Co. Donegal was reportedly the town with the highest vacancy rate with a little less than 30% of commercial units being vacant.
18 counties reportedly recorded an increase in commercial vacancy rates, with Kildare reportedly registering the sharpest rise, at one percentage point, and vacancy reportedly rates decreased in six counties.
GeoDirectory Chief Executive Statements
GeoDirectory chief executive Dara Keogh reportedly said, "The report found a noticeable decline in the number of retail and wholesale units in the country, with 1,931 fewer premises recorded than this time last year."
Keogh reportedly added, "There still appears to be a very prominent gap in economic activity on the east coast compared to the west coast and this is something which will need to be addressed on a policy level."
Director At EY Economic Advisory Statements
Director at EY Economic Advisory Annette Hughes reportedly noted that the report covered the period up to the end of June when COVID-19 pandemic-related restrictions were in the early stages of being eased, and reportedly said, "The further reopening of indoor hospitality at the end of July and the more general relaxation of COVID-19 restrictions is giving rise to an early rebound in economic activity."
Hughes reportedly concluded, "While the sustainability of some businesses in the hospitality sector may be tested after the summer staycation season, the hope is that progress on the vaccination programme reduces any risk of a resumption of further restrictions and the domestic economic recovery gathers momentum over the coming twelve months."
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.