Commercial vacancy rates in Mayo on the rise

The commercial vacancy rate in Mayo has increased from 12.4 per cent in quarter two of 2013 to 13.2 per cent in quarter two of 2014 according to new data published by GeoDirectory this week. For the first time the report includes an analysis of the commercial vacancy rate of industrial commercial property across the country. In total according to the report, 1,079 of the 8,183 commercial addresses recorded in Mayo in quarter two of 2014 were vacant and that the commercial vacancy stock in Mayo accounts for 3.7 per cent of commercial address points in Ireland.

The highest vacancy rate was in Sligo with 16 per cent, followed by Leitrim with 15.5 per cent and Galway with 14.8 per cent. The national vacancy rate increased by 0.7 percentage points, from 11.9 per cent to 12.6 per cent between quarter two of 2013 and quarter two of 2014.

Examining the breakdown of the occupied manufacturing units in Ireland, the report found that the sector representing the manufacture of food products had the highest number of occupied units at 15.4 per cent (1,203 units ).

Commenting on the findings, Dara Keogh, CEO of GeoDirectory, said: “With this first review of occupied commercial address points under the NACE classification of industry, we are providing fresh and insightful data and a valuable indicator on the current state of the Irish economy, particularly the manufacturing sector. Our findings illustrate that once again, Dublin is the dominant economic force in industry in Ireland.”

Annette Hughes, director of DKM Economic Consultants, said: “This is the sixth comprehensive report on the commercial [ie, 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 quarter two of 2014.”

The GeoView Commercial Premises Vacancy Report is published on a quarterly basis by GeoDirectory and DKM Economic Consultants, tracking commercial vacancy rates nationally and by county.


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