Commercial vacancy rate in Westmeath increased to 12.7% in December

The commercial vacancy rate in Westmeath increased to 12.7% in December 2023, according to the GeoDirectory Commercial Buildings Report. The report, prepared by EY, found that was lower than the national average of 14.3%.

At a national level, the average commercial vacancy rate increased by 0.3 percentage points (ppt) to 14.3% in the year to Q4 2023, the highest level of commercial vacancy recorded by GeoDirectory since it began tracking data in 2013. In total, there were 30,046 empty commercial units across the country, and the commercial vacancy rate increased in 20 out of 26 counties.

Sligo, at 20.5%, was the county with the highest rate, followed by Galway (18.5%) and Donegal (18.2%). The west of the country continued to record high rates in Q4 2023, Connacht reaching 18.3%, an increase of 0.7 ppts compared to 2022.

Meath (10.1%) remained as the county with the lowest commercial vacancy rate, closely followed by Wexford (10.5%) and Cork (12.2%).

In Dublin, the commercial vacancy rate increased by 0.3 ppts from Q4 2022 to 13.2%, which was the highest level recorded in Dublin since Q4 2016.

The GeoDirectory Commercial Buildings Report examined the commercial vacancy rates among a sample of 80 towns across the country in December 2023. Of the towns in Westmeath analysed, Athlone had the highest commercial vacancy rate at 20% while Mullingar had the lowest at 13%.

Edgeworthstown, Co Longford was the town with the highest commercial vacancy rate in the country in Q4 2023, at 30.2%. Shannon, Co Clare (29.8%), Ballybofey, County Donegal (29.4%), Boyle, County Roscommon (27.6%), and Sligo Town (26.2%) completed the top five towns by highest commercial vacancy rate.

Greystones, County Wicklow and Carrigaline, County Cork were the towns with the lowest commercial vacancy rate in the country, at 5.6% and 7.2% respectively.

Within the capital’s postal districts, Dublin 2 had the highest vacancy rate at 18.2%. Dublin 2 also recorded the largest year-on-year rise, increasing by 1.5 ppts between December 2022 and December 2023.

The Dublin postcode with the lowest vacancy rate was Dublin 15, at 6.0%. Eight out of the 22 Dublin districts recorded a decrease in vacancy rates, with the largest fall in Dublin 20, of 3.3 ppts. 18 Dublin districts recording vacancy rates below the national average of 14.3%.