Leitrim's vacancy rate has risen to 17.1%
The commercial vacancy rate in Leitrim increased by 0.4 percentage points (pp) to 17.1% in Q2 2020, according to analysis in the latest GeoView Commercial Property released by GeoDirectory and EY-DKM Economic Advisory Services. This is higher than the national average of 13.5%.
However, it is too early to gauge the impact of Covid-19 on commercial property stock and vacancy rates. With a Europe-wide recession predicted and working from home to become more commonplace, it will likely be 2021 or 2022 before the full impact of Covid-19 on commercial property trends becomes apparent.
The total stock of commercial properties in the country was 211,194 in June 2020, with 28,469 (13.5%) listed as vacant. Almost half of all commercial properties in the country were located in Leinster (49.5%), with Dublin accounting for 23.6% of the overall total.
Increases in commercial vacancy rates were recorded in three out of four provinces, with only Leinster (12.4%) remaining unchanged. Connacht had the highest commercial vacancy rate at 17%, further emphasising the east-west divide in economic activity.
The top five counties to record the highest vacancy rates in Q2 2020 were all in Connacht. Sligo, at 19.3%, was the county with the highest commercial vacancy rate, followed by Leitrim (17.1%), Mayo and Roscommon (16.6% each) and Galway (16.6%).
Edenderry in Co. Offaly was the town with the highest commercial vacancy rate in the country at 29.2%, followed by Ballybofey, Co. Donegal (29%) and Kilrush, Co. Clare (25.9%). Despite recording an increase of 1.1pp, Greystones, Co. Wicklow, was once again the town with the lowest commercial vacancy rate in the State at 6.9%.
Carrick-on-Shannon in Leitrim had a vacancy rate of 17.2%.
Accommodation and Food Services Sector
In June 2020, there were 22,896 commercial properties in Ireland classified as being in the Accommodation and Food services sector. This represents 13.9% of the total national commercial stock with a business reference description
Counties on the west coast of Ireland had the highest percentage of Accommodation and Food service properties in proportion to the overall county commercial property stock. In Donegal they accounted for 19.1% and Leitrim was 18.6%.
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