Commercial vacancies rise in Mayo

Áine Ryan

THE north Mayo capital, Ballina, has the highest commercial vacancy rate in Connacht with 23 percent of such properties lying empty. A survey of 102 locations nationwide, by GeoDirectory and DKM Economic Consultants, reveals that the average vacancy rate for Co Mayo is 15.5 percent, up from 14.5 percent in the second quarter of 2016 and higher than the national average of 13.5 percent (in the second quarter of 2017).
Of the three Mayo towns analysed, Castlebar showed a vacancy rate of 22.6 percent while tourism haven, Westport was below the county average with 12.9 percent. Interestingly, Co Kerry recorded the lowest vacancy rate of any county at 10.6 percent, whilst Connacht’s Co Sligo recorded the highest average rate, 18 percent. At 28.8 percent, Ballybofey, Co Donegal, had the highest vacancy rate nationally of the towns surveyed.   
Despite the so-called economic recovery, commercial vacancy rates remain ‘stubbornly high’ according to the latest GeoView survey by GeoDirectory. The second-highest average vacancy rate of any county in Ireland was by Leitrim, at 16.2 percent, followed by Limerick at 15.9 percent, Galway at 15.6 percent and Mayo at 15.5 percent.
The largest increase in commercial vacancy rates was recorded in Longford, increasing from 12.9 percent in 2016 to 14.9 percent in the same period of 2017.
Speaking after the publication of the report, Dara Keogh, CEO of GeoDirectory, said: “Despite the improvements we have seen in the economy in recent years, commercial vacancy rates have remained stubbornly high. In Dublin 2, where the economic recovery is obvious and demand for office space is apparently strong, we have recorded a vacancy rate of 18.3 percent. This suggests there is a serious mismatch between the stock that is available and what is being demanded.
“One of the most prominent points to emerge from this edition of GeoView is that the vast majority of the 15 towns with the highest commercial vacancy rates were either based along the west coast of Ireland or were in the midlands. These 15 towns had commercial vacancy rates in excess of 20 percent and well above the national average.”
Of the commercial properties recorded during this period, 28,784 of the 212,717 were vacant.

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