Mayo’s commercial vacancy rate only in Connacht to remain unchanged

Mayo is the only county in Connacht where the commercial vacancy rate remained unchanged in the past year. 

The commercial vacancy rate in Mayo is 17.3 percent, the same as it was in the same period last year (Q2 of 2023).

These figures come from the latest GeoDirectory Commercial Vacancy Rates Report. 

The twice-yearly analysis, prepared by EY, found the commercial vacancy in Mayo to be higher than the national average of 14.4 percent, but lower than Connacht’s average of 18.3 percent.

Of the main towns and urban areas in Mayo surveyed by GeoDirectory, Ballina had the highest commercial vacancy rate at 23.2 percent, while Westport had the lowest at 11.7 percent.

The analysis found that the number of commercial units classified by NACE codes has decreased by 1,370 units between Q2 2023 and Q2 2024. The majority of this decrease can be attributed to the services sector and the retail and wholesale sector, which declined by 625 and 514 units.

Looking specifically at accommodation and food services, this sector has decreased across Mayo by 17 units.

In the service sector, the town of Westport recorded the highest number of commercial buildings engaged in the sector across Connacht, accounting for over 60 percent of the town's commercial units. Ballina, alongside Tuam in Co Galway, has the least amount of commercial buildings engaging in services across the region (45.1 percent).

However, Ballina showed the highest shares of commercial units in the retail/wholesale sector at 30.1 percent.

Commenting on the findings of the latest GeoDirectory Commercial Buildings Report, Dara Keogh, CEO of GeoDirectory, said the growth of online commerce, remote working and rising business costs have all contributed to the increase of the national vacancy rate. 

“The reality is that some of these commercial units may never now return to the commercial stock, requiring action to provide opportunities for targeted regeneration projects and the repurposing of long-term vacant buildings,” he added.

Annette Hughes, Director at EY Economic Advisory, revealed an increased rate in 14 of the 26 surveyed counties was an improvement on the same period last year.

She concluded: “While the national commercial vacancy rate has reached a new high of 14.4 percent in Q2 2024, the economic outlook remains positive and with inflation falling and a recent cut in ECB interest rates, there is a possibility that commercial vacancy rates will recede from its current peak.”