Galway one of the worst hit counties for vacant commercial properties

Galway one of the worst hit counties for vacant commercial properties

As the vacancy rate for commercial properties remains “stubbornly high”, Galway is one of the worst affected counties in Ireland.

With 16 percent of commercial properties lying empty Galway has the third highest vacancy rate in the country according to the latest GeoDirectory report.

The west is lagging far behind the rest of the country, with Connacht taking the top five spots on the list of vacancy rates by county.

Sligo is the worst affected with a vacancy rate of 18.9%, followed by Leitrim (16.4%), Galway (16%), Mayo (15.8%), and Roscommon (15.7%).

Each of them is stuck at a level well above the national average of 13.2 percent.

Galway was the only county in Connacht that saw its commercial vacancy rate decline in the past year, falling by 0.2 percent.

Overall there are 27,951 commercial properties lying vacant out of a total stock of 211,610 units nationwide.

Dara Keogh, CEO of GeoDirectory warned that though the number of vacant properties is falling, regional areas are being left behind.

“Even though the commercial vacancy rate dropped slightly in the past year, the report shows a continuing east-west divide in terms of commercial activity in Ireland.”

The Greater Dublin Area continues to dominate commercial space, with a third of all properties in Ireland located in just four counties.

Dublin alone accounts for over 23 percent of Ireland’s stock of commercial properties.

“The importance of tourism to the west coast is also evident, with the highest proportion of Accommodation and Food Service units located in this region.”

“Depending on the outcome of Brexit, the economy of this region may be vulnerable to fluctuating currency exchange rates and potentially fewer visitors from the UK.”

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