New report finds that Commercial Vacancy Rate in Cork rose to 12.2% at the end of 2020

New report finds that Commercial Vacancy Rate in Cork rose to 12.2% at the end of 2020

The commercial vacancy rate in Cork rose by 0.5 per cent in Q4 2020, with Carrigaline recording noticeably low vacancy rates when compared to other urban areas in Munster.

The commercial vacancy rate in Cork increased by 0.5 per cent in the fourth quarter of 2020, according to a new report.

The latest GeoView Commercial Property Report published by GeoDirectory and EY-DKM shows that the commercial vacancy rate in Cork increased to 12.2 per cent.

This is an increase of 0.5 per cent. However, the rate remains just below the national average of 13.5 per cent.

According to the findings, Cork accounted for 11.3 per cent of the State’s total commercial stock of 211,677.

Across 19 counties, an increase in commercial vacancy rates was recorded in Q4 when compared to the corresponding period in 2019.

This included every county in Munster, Ulster and Connacht.

The commercial vacancy rates in Connacht and Ulster were above the national average of 13.5 per cent, while Munster was equal to the national average.

The latest GeoView Commercial Property Report also analysed the commercial vacancy rates in selected towns across the country.

Of the urban areas in Cork sampled, Youghal had the highest commercial vacancy rate at 19.1 per cent while Carrigaline had the lowest at 8.3 per cent.

Vacancy rates increased in twelve of the towns sampled in the past year in Munster with the most significant increases in Abbeyfeale, Limerick and Cobh.

Data shows that in Q4, there were 2,011 fewer Retail and Wholesale address points in Ireland when compared to the previous year. This represents a decline of 5.3 per cent.

Looking specifically at the Accommodation and Food Services sector, GeoDirectory figures show that in Cork there was a total of 2,458 units classified in this sector in Q4 2020 with 13.6 per cent of commercial units classified as providing Accommodation and Food Services.

Kerry, at 24.3 per cent, was the county with the highest proportion of Accommodation and Food Service units relative to the overall county commercial stock, followed by Clare at 20.6 percent, Donegal, Leitrim and Mayo.

The findings of the report suggest that the impact of the Covid-19 pandemic on the commercial property landscape in Ireland has not yet been fully realised. However, key trends and indicators are beginning to emerge.

Speaking on the launch of the report, Dara Keogh, CEO of GeoDirectory said that it has been an extremely turbulent year for commercial sectors.

“We have yet to see the full impact of this on the commercial property sector, but some trends are beginning to emerge.

"The number of retail and wholesale units fell sharply in 2020. This may be as a result of Covid-19 restrictions, but also could point to the changing face of retail with businesses moving towards an online model.”

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