Greystones Is The Town With The Lowest Commercial Vacancy Rate In Ireland

Greystones was the town with the lowest commercial vacancy rate in the country, at 5.6%.

The commercial vacancy rate in Wicklow remained unchanged at 12.9% in December 2023, according to the latest GeoDirectory Commercial Buildings Report. The report, prepared by EY, found that this was lower than the national average of 14.3%.

At a national level, the average commercial vacancy rate increased by 0.3 percentage points (ppt) to 14.3% in the year to Q4 2023. This is the highest level of commercial vacancy recorded by GeoDirectory since it began tracking data in 2013. In total, there were 30,046 empty commercial units across the country, with the commercial vacancy rate increasing in 20 out of 26 counties.

County Commercial Vacancy Rates

Sligo, at 20.5%, was the county with the highest commercial vacancy rate, followed by Galway (18.5%) and Donegal (18.2%). The west of the country continued to record high commercial vacancy rates in Q4 2023, with the rate in Connacht reaching 18.3%, an increase of 0.7 ppts compared to the same period in 2022.

Meath (10.1%) remained as the county with the lowest commercial vacancy rate in the state, closely followed by Wexford (10.5%) and Cork (12.2%).

In Dublin, the commercial vacancy rate increased by 0.3 ppts from Q4 2022 to 13.2%, which was the highest level recorded in Dublin since Q4 2016.

Analysis of Towns and Dublin Districts

The GeoDirectory Commercial Buildings Report examined the commercial vacancy rates among a sample of 80 towns across the country in December 2023. Of the towns in Wicklow analysed, Bray had the highest commercial vacancy rate at 15.1% while Greystones had the lowest at 5.6%.

Edgeworthstown, Co. Longford was the town with the highest commercial vacancy rate in the country in Q4 2023, at 30.2%. Shannon, Co. Clare (29.8%), Ballybofey Co. Donegal (29.4%), Boyle, Co. Roscommon (27.6%), and Sligo Town (26.2%) completed the top five towns by highest commercial vacancy rate.

Greystones was the town with the lowest commercial vacancy rate in the country, at 5.6%.

Within the capital’s postal districts, Dublin 2 had the highest vacancy rate at 18.2%. Dublin 2 also recorded the largest year-on-year rise, increasing by 1.5 ppts between December 2022 and December 2023.

The Dublin postcode with the lowest vacancy rate was Dublin 15, at 6.0%. Eight out of the 22 Dublin districts recorded a decrease in vacancy rates, with the largest fall in Dublin 20, of 3.3 ppts. 18 Dublin districts recording vacancy rates below the national average of 14.3%.