The total number of occupied commercial premises in Galway decreased throughout 2013 from 11,103 in Q1 to 10,936 in Q4, according to new data published by GeoDirectory.
The new data is from the 2013 Q4 edition of GeoView, which is published quarterly. It is the first annual review of commercial vacancy rates in Ireland that not only provides national data but also breaks down the data down by quarter, by county, by province and by economic sector.
The review found that the national average commercial vacancy rate in Q4 2013 was 12.4 per cent. The average national commercial vacancy rate for the year as a whole was 12 per cent. On average, Kerry recorded the lowest average vacancy rate of any county in 2013 at 8.9 per cent. Sligo recorded the highest average commercial vacancy rate of any county in 2013 at 15.4 per cent.
All four provinces recorded an increase in their overall vacancy rate in 2013 of around 1 percentage point; Connaught (12.9% in Q1 2013 to 13.9% in Q4 2013), Leinster (11.4% in Q1 2013 to 12.4% in Q4 2013), Munster (10.7% in Q1 2013 to 11.7% in Q4 2013) and Ulster (11.3% in Q1 2013 to 12% in Q4 2013).
The data was published by GeoDirectory which was jointly established by An Post and Ordnance Survey Ireland (OSi) to create and manage Ireland’s only complete database of commercial and residential buildings. These figures are recorded through a combination of the An Post network of 5,600 delivery staff working with OSi.
According to the Q4 figures, there were 223,308 commercial properties in Ireland, 27,585 of which were vacant. In line with 2013 trends, the highest vacancy rate recorded in Q4 was in Sligo with 16 per cent and the lowest was in Kerry with 8.9 per cent.
At 48,966 or 21.9 per cent, Dublin had the largest number of unique commercial address points followed by Cork (11.7% or 26,086) and Galway (5.7% or 12,751). Leitrim, Longford and Carlow had the lowest number of commercial address points, with less than 3,000 units in each county, as was the case throughout 2013.
Commenting on the findings, Dara Keogh, CEO, GeoDirectory said, “The vacancy rate increased steadily over the course of the year and was matched by a steady decrease in occupied commercial premises in Ireland, which indicates that businesses may still be feeling the effects of the economic downturn.”
Annette Hughes, Director of DKM Economic Consultants said, “This is the fourth comprehensive report on the commercial (i.e. non-residential) building stock across the country. By examining data from each quarter of 2013, the GeoView report gives its readers a unique view of trends in the commercial building stock in Ireland throughout 2013.”
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.