Call for action as Cork commercial vacancy rate hits 12.4%

The commercial vacancy rate in Cork was 12.4% in December 2024, the latest GeoDirectory Commercial Buildings Report shows, with a Cork Labour Party senator saying it highlights the urgent need to tackle dereliction and vacancy.

This was an increase compared to December 2023, when the commercial vacancy rate for Cork was 12.2%. 

Of the urban areas in Cork that were surveyed, Cobh had the highest commercial vacancy rate at 19.1%, with Youghal being the next highest at 18.3%.

Other Cork urban areas that featured on the survey include Mallow which had a commercial vacancy rate of 16.2% in December 2024 and Midleton which had a rate of 15.7%.

Carrigaline, at 5.1%, had the lowest commercial vacancy rate nationally, with Greystones in Co Wicklow having the next lowest urban rate, at 5.5%.

The commercial vacancy rate in Cork in 2024 was lower than the national average of 14.5%.

Urgent Need

“These figures show that, yet again, we have an urgent need in Ireland to tackle vacancy and dereliction,” Cork Labour Party senator Laura Harmon told The Echo.

“This applies to commercial properties, and it applies to domestic dwellings as well.

“I believe that we need to have stronger penalties in place for people who leave buildings vacant in Ireland.

“It is concerning. We are missing our housing targets. We still have a huge dereliction problem in Cork and across the country. There is a demand for over the shop living as well, which needs to be addressed.”

In total, nationally, 30,365 commercial units were vacant across the State in December 2024. The report also found that the commercial vacancy rate increased in 15 out of 26 counties.

Increase

Even though all four provinces experienced an increase in vacancy rates, four of the top six counties with the highest vacancy rates were located in Connacht, continuing the trend of high commercial vacancy rates in the west of the country. 

The vacancy rate in Connacht reached 18.5%, an increase of 0.2% from Q4, 2023.

Meath once again was the county with the lowest commercial vacancy rate in the country at 9.9%, followed by Wexford at 10.8% and Kerry at 12.3%.

Dublin’s commercial vacancy rate stood at 13.6%, an increase of 0.5% on Q4, 2023.

The report also found that Ballybofey, Co Donegal, was the town with the highest commercial vacancy rate in the country in Q4, 2024, at 36.4%.