Limerick's commercial property vacancy rate hits 15%

Fintan Walsh

Reporter:

Fintan Walsh

The old Dunnes Stores in the city has been labelled an ‘eye sore’

The old Dunnes Stores in the city has been labelled an ‘eye sore’

MORE than three quarters of Limerick’s vacant commercial properties have been without use for more than three years, a new report highlights.

According to a GeoDirectory Commercial Vacancy report, there is a total vacancy rate of 15%, as of the final quarter of 2017.

This is above the national average, which dropped from 13.5% to 13.3% in the space of a year.

Newcastle West currently has the highest rate of commercial vacancy across the city and county, with a vacancy rate of 22.3%, while Abbeyfeale has the lowest, with 14.7%.

Limerick’s commercial vacancy rate did, however, drop by 0.3% since the last three months in 2016.

Limerick has the third highest rate of commercial properties lying vacant for three years or more, behind Laois at 76.5% and Monaghan at 78.5%. In Clare, 75.6% of properties have been vacant for three years or more.

According to GeoDirectory data, 19,038 commercial units in Ireland have been vacant for three or more years. This represents 67.8% of the overall national commercial vacant stock of 28,091.

In the capital, Dublin 20, at 19.2%, was the Dublin postal district with the lowest long-term vacancy rate, while Dublin 13 recorded the highest rate at 78.2%.

Dara Keogh, CEO of GeoDirectory said: “This report shows that while there are signs that the economic recovery is beginning to spread outside Dublin, there is still a stubbornly high commercial vacancy rate, particularly along the west coast of Ireland.

In the past, TD Maurice Quinlivan and Cllr Seamus Browne have taken issue with vacant properties across the city and county, in particular the old Dunnes Stores site on Sarsfield Street. They have described the site as an “eye sore” in the city centre.