More Empty Business Premises
A new report on commercial vacancy rates shows that 28,000 units were unoccupied through the second quarter of 2014.
The GeoView report for Q2 2014, published by GeoDirectory, recorded a commercial vacancy rate of 12.6% among the 223,000 commercial address points in the Republic, up from 11.9% recorded during the same period last year.
GeoDirectory is a joint enterprise by An Post and Ordnance Survey Ireland that provides registers of addresses for residential and commercial properties. Its latest reports indicates that 24 counties in Ireland have experienced increases in commercial vacancy rates.
Kerry and Carlow were the only two counties to experience a decrease in commercial vacancy rates between Q2 2013 and Q2 2014.
Dublin accounted for the highest number of unique commercial address points, totalling nearly 49,000 (22%), and recorded a vacancy rate of 13.7%.
The highest Q2 vacancy rate was recorded in Sligo (16%), followed by Leitrim (15.5%) and Galway (14.8%). GeoDirectory's report also includes an analysis of industrial commercial property nationwide, with an added breakdown of occupied manufacturing units in Ireland.
Over 9,600 occupied commercial address points were involved in the industry sector at the national level in Q2 2014. Of these:
- 82% of these were involved in manufacturing activities
- 9% were involved in water supply/waste management activities
- 6% were involved in mining and quarrying
- 3% were involved in electricity, gas, steam and air conditioning supply.
Dublin housed the highest portion of units under each activity except mining and quarrying, for which Cork was the principal location.
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 15.4% (1,203 units), while the manufacture of tobacco products has the lowest number of occupied units at 0.1% (four units).
Commenting on the findings, Dara Keogh, CEO of GeoDirectory, said that the report was the first one thus far to contain a review of occupied commercial address points that were classified as industrial.
“Our findings illustrate that once again, Dublin is the dominant economic force in Industry in Ireland.”
Annette Hughes, director of DKM Economic Consultants, added: “This is the sixth comprehensive report on the commercial (i.e. non-residential) building stock across the country.
"By examining data on commercial property involved with manufacturing, mining and quarrying, water supply and electricity, gas, steam and air conditioning supply, the GeoView report gives its readers a unique snapshot of the geographical spread of industrial building stock in Ireland in Q2 2014.”
Additional information from the GeoView report is available here. (August 2014)