Drop in commercial vacancy rate in Cork

Cork has witnessed a drop in its commercial vacancy rate.

According to the latest GeoDirectory Commercial Buildings Report Q2 2023, the commercial vacancy rate in Cork fell to 12.3% in the twelve months to Q2 2023.

This represents a decrease of 0.2 percentage points compared to June 2022.

Of the urban areas analysed in Cork, Youghal had the highest commercial vacancy rate in June 2023 at 19.8%, while Carrigaline had the lowest rate at 7.5%.

The report, prepared by EY, found that the national commercial vacancy rate stood at 14.1% in June 2023, a marginal increase of 0.2 percentage points when compared to the same period in 2022. 

The national commercial vacancy rate is the highest level recorded by GeoDirectory since it began reporting on the rates in 2013.

Commercial vacancy rates increased in 20 out of 26 counties in the twelve months to June 2023, with a total of 29,798 vacant commercial units recorded across Ireland.

At 19.9%, Sligo was the county with the highest commercial vacancy rate, followed by Galway at 18% and Donegal at 17.9%.

The lowest commercial vacancy rates were recorded in Meath (10.2%), Wexford (10.6%) and Kerry (12.2%).

Ballybofey, Co. Donegal, retained the top position as the town with the highest commercial vacancy rate in Ireland at 29.9% in Q2 2023.

In the twelve months to June 2023, Greystones and Carrigaline switched positions in the ranking of lowest vacancy rate with Greystones, Co. Wicklow now having the lowest vacancy rate in the country at 6.8% while Carrigaline had the second lowest vacancy rate.