CARRIGALINE has the lowest commercial vacancy rates in the county, according to a national report released recently.
The latest GeoDirectory Commercial Vacancy Rates Report prepared by services and accountancy firm EY showed the commercial vacancy rate across Cork was 12.4% in June 2024, below the national average of 14.4%.
The study found that Greystones in Wicklow (5.6%) and Carrigaline, (7.2%) were the towns with the lowest vacancy rates.
Of the main towns and urban areas in Cork surveyed by GeoDirectory, Cobh had the highest commercial vacancy rate at 19.2%, while Carrigaline had the lowest.
‘The national commercial vacancy rate has increased steadily in recent years, and at 14.4%, is now at the highest level since GeoDirectory began tracking commercial vacancy data in 2013,’ said GeoDirectory chief executive Dara Keogh.
‘Changing consumer habits, the growth of online commerce, remote working and rising business costs have all contributed to a realignment of the commercial property market. The reality is that some of these commercial units may never now return to the commercial stock, requiring action to provide opportunities for targeted regeneration projects and the repurposing of long-term vacant buildings.’
The highest commercial vacancy rates continue to be found in the west of the country with Sligo, at 20.5%, recording the highest proportion of vacant commercial units. Donegal (19.4%), Galway (18.5%), Limerick (17.5%) and Leitrim (17.5%) rounded off the top five counties with the highest commercial vacancy rates.
Meath, at 9.8%, was the county with the lowest commercial vacancy rate in the country and the only county in the State with a vacancy rate below 10%. Wexford (10.6%), Cork (12.4%), Kerry (12.5%) and Cavan (12.5%) were the counties to record the next lowest commercial vacancy rates.
In Dublin, the commercial vacancy rate now stands at 13.3%.
