Edenderry has country's highest commercial vacancy rate

The north Offaly town of Edenderry has the country's highest rate of vacant commercial properties, according to the latest GeoView Commercial Property Report.

The Report, which looked at commercial properties across the country in the last quarter of 2019, found that 29.1% of all commercial properties available in Edenderry are empty, compared to a national average of 13.3%.

The overall commercial vacancy rate across Offaly increased to 15.5% in Q4 2019, which was an increase of 0.1% percentage points. Offaly was one of 16 counties to record increases in commercial vacancies nationally, with only six counties recording a decrease.

At 10.1%, Meath recorded the lowest commercial vacancy rate in the country, followed by Kerry (10.7%), Wexford (10.9%), Westmeath (11.6%) and Cork (11.7%). The commercial vacancy rate in Dublin was 12%, 1.3pp lower than the national average.

While Edenderry has the highest number of empty commercial properties in Offaly, Birr has the lowest, at 15.8%. Ballybofey in Donegal comes in a close second behind Edenderry after registering a 3 percentage point drop in commercial vacancies last year. The rate in the town now stands at 27.7%.

While Meath has the lowest commercial vacancy rate in the country, Sligo is the county with the highest, at 18.9%, according to the latest GeoView Report. In fact, the five counties which recorded the highest vacancy rates are all located in Connaught, signifying the prominent east-west divide in terms of commercial activity.

Not surprisingly, the Report found that almost a quarter (23.5%) of all commercial properties in Ireland are located in Dublin, equating to 49,812 commercial address points. The three Ulster counties of Donegal, Cavan and Monaghan accounted for only 7.8% of the national total, while Munster and Connacht had 28.9% and 13.7% of the national total respectively.

Thanks to an increased focus on health and fitness, there has been a significant rise in the number of gyms in urban areas over the past decade. From a total of just 311 gyms in 2010, the figure stood at 831 in 2019, representing a 167% increase.

In the last ten years there has been a 58% increase in the number of cafés in main urban areas, while there has only been a 3.1% increase in the number of bars in the same areas over the same period of time.

The number of commercial properties offering beauty/men’s grooming services has also increased notably, rising by 22% over the last ten years.

Commenting on the GeoView Commercial Property Report, Dara Keogh, CEO GeoDirectory said, “GeoDirectory’s recent commercial property reports have shown that there is a deepening divide between the east and west of the country in terms of economic activity, and this trend is showing no signs of slowing down. The report also provides a fascinating insight into the changing nature of commercial property usage. For example, the cultural trend of health and wellness has seen a 167% increase in the number of gyms in the country over the past ten years, while the number of café’s in main urban centres has increased by over 50%.”

Annette Hughes, Director, EY-DKM Economic Advisory said the findings in the latest Commercial Property Report “suggest that economic activity is concentrated in a small number of counties. Similarly, the ever-increasing level of internet shopping may also be contributing to the high commercial vacancy rates in many towns across the country.”