Commercial vacancy rate in Kilkenny falls to 12.4%

Mary Cody

Reporter:

Mary Cody

Email:

mary.cody@kilkennypeople.ie

Commercial vacancy rate in Kilkenny falls to 12.4%

The commercial vacancy rate in Kilkenny decreased by 0.2 percentage points to 12.4% in the second quarter of 2020, according to analysis in the latest GeoView Commercial Property.

This is lower 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 that has been evident in previous GeoView Commercial Property reports.  

The top five counties to record the highest vacancy rates 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%).  

Meath (10.1%) had the lowest commercial vacancy rate in the country, 3.4pp lower than the State average. The commercial vacancy rate in the capital stood at 12.2% in June 2020, slightly up (0.1pp) on the June 2019 figure.  

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%.  

The commercial vacancy rate in Kilkenny City was 13.6%.