Commercial vacancy in Cork third lowest in the country

Cork has a lower rate of vacant commercial units than all but two Irish counties.

The commercial vacancy rate in Cork was 12.4% in June 2024, according to the latest GeoDirectory Commercial Vacancy Rates Report.

Despite being below the national average, the data still represents 2,500 vacant buildings in the county and marks an increase of 0.1% from the same period in 2023.

The twice-yearly analysis, prepared by EY, found that commercial vacancy in Cork was lower than the national average of 14.4%.

The highest commercial vacancy rates continue to be found in the west of the country, with Sligo, at 20.5%, recording the highest proportion of vacant commercial units in Q2 2024.

Meath, at 9.8%, had the lowest commercial vacancy rate in the country and the only county in the State with a vacancy rate below 10%, with Cork having the third-lowest.

In the second quarter of 2024, there were 8,448 vacant commercial units in Munster, and the vacancy rate increased to 14.0%.

Of the main towns and urban areas in Cork surveyed by GeoDirectory, Cobh had the highest commercial vacancy rate, at 19.2%, while Carrigaline had the lowest, at 7.2%.

The report found that 48% of Cork’s commercial units were in the services sector, 21.5% in retail and wholesale, and 11.1% in health, which was 2% higher than the national average. Midleton and Carrigaline had the highest proportion of properties classified in the health sector in Munster, at over 17%.

Additionally, the report found that 5.1% of Cork commercial buildings were in the construction sector, 5.4% in industry, 4.8% education, 2% financial, and 2.2% public admin.

Dara Keogh, CEO of GeoDirectory, said: “The national commercial vacancy rate has increased steadily in recent years, and, at 14.4%, is now at the highest level since GeoDirectory began tracking commercial vacancy data in 2013.

“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.”