Limerick has a commercial vacancy rate of 15%

Anne Sheridan

Reporter:

Anne Sheridan

Prospective tenant: O'Mara Motors on the Ballysimon Road may be acquired by the furniture company DFS
COMMERCIAL vacancy rates in Limerick increased to 15% last year, giving the city the fourth highest number of vacant units in the state.

COMMERCIAL vacancy rates in Limerick increased to 15% last year, giving the city the fourth highest number of vacant units in the state.

Of the 10,000 commercial properties listed in Limerick in the last quarter of 2014, 1,502 were unoccupied – a vacancy rate of 15%, rising from 13.8% a year previously.

Limerick has 4.5% of the total share of commercial properties in the country, after Dublin, which has a 22% share, Cork (11.6% share) and Galway (5.7%).

The quarterly commercial vacancy rates report by GeoView details that Limerick experienced the largest percentage increase in vacancy rate in Munster followed by Tipperary and Clare, while the vacancy rate in Cork remained unchanged.

The report shows that 119 commercial units in Limerick became vacant in the space of one year - the largest absolute increase in vacant commercial address points in Munster.

Overall, the total number of occupied commercial premises in Ireland decreased throughout 2014 from 195,545 in the first quarter, or first three months of the year, to 194,642 in the last quarter.

The review found that the national average commercial vacancy rate by the end of last year was 12.8%, an increase in commercial vacancy of 0.4% since the start of 2014. Kerry recorded the lowest vacancy rate of any county in 2014 at 9.1%. Sligo recorded the highest commercial vacancy rate of any county at 16.5%, followed by Leitrim, Galway and Limerick. All four provinces recorded an increase in their overall vacancy rate in 2014. The highest increase in commercial vacancy was recorded in Connacht.

The data was published by GeoDirectory which 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.

These figures are recorded through a combination of the An Post network of delivery staff working with OSi.