Galway has Ireland’s 2nd highest commercial vacancy rate

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Galway Daily business Galway has Ireland's 2nd highest commercial vacancy rate

The number of commercial building in Galway left vacant in Galway increased to 17.2% in the year up to June this year.

The latest GeoDirectory Commercial Buildings Report released today showed a 0.6% increase in the commercial vacany rate in Galway compared with June 2021.

This is significantly higher than the national average vacancy rate of 13.9% in June 2022 found in the report.

Of all the towns in Galway analysed in the report prepared by EY, Tuam had the highest vacancy rate at 23.5%, while Loughrea had the lowest at 17.1%.

The north-west region is the worst affected by commercial properties lying vacant, with Sligo having the highest rate in the country at 19.4%, followed by Galway and Donegal tied at the second highest level, and Leitrim and Mayo (both 16.9%). 

Commenting on the findings of the report, Dara Keogh, Chief Executive of GeoDirectory said “The latest GeoDirectory Commercial Buildings Report highlights a marginal but continued rise in commercial vacancy rates across Ireland.”

“At 13.9%, the national commercial vacancy rate in Q2 2022 was the highest recorded by GeoDirectory since we started compiling these reports in 2013.”

“The past two and a half years have proved to be difficult for businesses to navigate, thanks to the impact of Covid-19 restrictions followed by rising inflation and energy costs.”

Commercial vacancy rates increased in 15 out of 26 counties in the twelve months to June 2022, with a total of 29,241 vacant commercial units recorded across Ireland.

There were 181,683 occupied commercial address points in Q2 2022, representing a decline of 1,225 on the corresponding figure in the same period last year.

The county with the lowest commercial vacancy rate was Meath at 9.9%, followed by Wexford at 10.6% and Kerry at 11.7%.