Galway has Ireland’s 2nd highest commercial vacancy rate

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%.