Leitrim’s commercial vacancy rate rises above national average

Commercial vacancy rates in Ireland reached a record high of 14.5 percent at the end of last year.

In December 2024, Leitrim’s commercial vacancy rate stood at 17.7 percent, exceeding the national average.

According to the GeoDirectory Commercial Buildings Report Q4 2024, Leitrim’s vacancy rate increased by 0.3 percentage points compared to December 2023.

Carrick-on-Shannon recorded a commercial vacancy rate of 16.5 percent in December 2024, also above national average.

Commercial rates in Leitrim have been increased by five percent since 2024.

Neighbouring Sligo had the highest commercial vacancy rate at 20.6 percent, followed closely by Donegal (20.1 percent) and Galway at 18.8 percent.

Ballybofey, County Donegal, recorded the highest commercial vacancy rate among 80 towns across Ireland and 22 districts in Dublin.

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While all four provinces saw an increase in vacancy rates, four of the six counties with the highest rates were in Connacht, continuing the trend of elevated commercial vacancies in the West of Ireland.

The vacancy rate in Connacht reached 18.5 percent, an increase of 0.2 percentage points from Q4 2023.

The lowest commercial vacancy rates were recorded in Meath (9.9 percent), Wexford (10.8 percent) and Kerry (12.3 percent).

In total, 30,365 of the commercial units were vacant across Ireland in December 2024. The report also found that the rate increased in 15 out of 26 counties.

Annette Hughes, Director at EY Economic Advisory, commented: “While residential vacancy continues to decline significantly, dropping to just 3.8 percent in our most recent GeoDirectory Residential Report, commercial vacancy trends are going in the opposite direction. 

“At 14.5 percent the rate now sits one percent higher than before the Covid pandemic, representing an increase of over 2,100 commercial units and comes despite a strong economy, growing population and record employment. 

“There are likely many factors at play here including, changes triggered by the pandemic, evolving shopping preferences and continued cost pressures on businesses and households,” she concluded.

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