GeoDirectory records a commercial premises vacancy rate in Cork of 9%

The total number of vacant commercial units or premises recorded in Cork to date was 2,519 according to figures released today by GeoDirectory. The figures represent an average vacancy rate for commercial units in the county of 9%, and are accurate as of June 2012.

The total number of commercial units identified by GeoDirectory in Cork was 26,789. The highest number of commercial units was recorded in Dublin where 48,760 premises were recorded, while also recording the largest number of vacant units with 5,851 or a 12% vacancy rate. The vacancy rate recorded in Cork was below the national average of 11%.

Eight counties; Carlow, Donegal, Dublin, Galway, Leitrim, Mayo, Roscommon and Sligo recorded commercial vacancy rates above the national average of 11%.

GeoDirectory 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. The figures area recorded through a combination of the An Post network of 5,600 delivery staff working with OSi.

The new data shows that Kerry recorded the lowest commercial rate in the country with 602 or 7% of units identified as vacant. In addition, Galway has the highest number of commercial premises vacant for a city at 818, or 13% of total stock identified.

Vacancy rates recorded across Cork city and towns across the county, were Cork city with a vacancy rate of 10% or 991 units; Ballincollig with 97 vacant units, a rate of 12%, Skibbereen with 99 vacant units, a rate of 12%; Fermoy with 85 units, a rate of 11%; Charleville with 46 vacant units, a rate of 10%; Midleton with 135 vacant units, a rate of 9%; Carrigaline with 60 vacant units, a rate of 8%; Clonakilty with 53 vacant units, a rate of 8%; Macroom with 47 vacant units, a rate of 8%; Bantry with 46 units, a rate of 7%; Mitchelstown with 33 units, a rate of 7%, while in Mallow 104 vacant commercial units were identified, a rate of 6%. In contrast, Kinsale recorded the lowest commercial vacancy rate of 5% or 31 units.

Commenting on the newly released figures, Dara Keogh, CEO, GeoDirectory said, “These newly published figures present us with an overall picture of the commercial property landscape in Ireland, highlighting 11% of the 226,622 premises recorded as vacant. This is representative of a trend we have identified nationally, with figures released in July highlighting 12% of new residential and commercial buildings for the first six months of the year as vacant. The vacancy rate of 11% would mean that 9 out of 10 commercial premises across the country are occupied.

This positive trend is supported by the 14 counties which are below the national vacancy rate of 11%. We would hope that this new data will allow us to work with our partners both in the public and private sector to support effective and long-term planning in the Republic of Ireland.”

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