Commercial vacancy rate in Mayo remains at 17.3%
THE commercial vacancy rate in Mayo was 17.3% in June, according to the latest GeoDirectory Commercial Vacancy Rates Report. This figure remains unchanged from the same period in 2023.
The twice-yearly analysis, prepared by EY, found that the commercial vacancy in Mayo was higher than the national average of 14.4%.
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 in Q2 2024. Donegal (19.4%), Galway (18.5%), Limerick (17.5%) and Leitrim (17.5%) rounded off the top five counties with the highest vacancy rates.
Of the main towns and urban areas in Mayo surveyed, Ballina had the highest commercial vacancy rate at 23.2%, while Westport had the lowest at 11.7%.
Ballybofey, Co. Donegal, was the town the highest commercial vacancy rate in the state at 33.6%, followed by Edgeworthstown, Co. Longford (30.2%) and Shannon, Co. Clare (29.8%).
Using NACE codes to classify commercial units by economic sector, the report identified broad trends in the use of commercial units nationally.
Looking specifically at the accommodation and food services sector, a total of 22,211 commercial units in this sector were recorded in June 2024. This represents a decline of 270 commercial units compared to the same period in 2023.
Commenting on the findings of the latest GeoDirectory Commercial Buildings Report, Dara Keogh, CEO of GeoDirectory, said: “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.
“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.”