The commercial vacancy rate in Westmeath stood at 12.6 percent in June 2022, according to the latest GeoDirectory Commercial Buildings Report - this represents an increase of 0.6 percentage points (pp ) compared to June 2021.
The report, prepared by EY, found that the national commercial vacancy rate stood at 13.9 percent in June 2022, a marginal increase of 0.25 percentage points (pp ) when compared to the same period in 2021. 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 15 out of 26 counties in the twelve months to June 2022, with a total of 29,241 vacant commercial units recorded across Ireland.
Analysis of Commercial Vacancy Rates in Westmeath Towns
The GeoDirectory Commercial Buildings Report examined the commercial vacancy rates among a sample of 80 towns across the country in June 2022. Of the towns in Westmeath analysed, Athlone had the highest commercial vacancy rate at 20.6 percent, while Mullingar had the lowest at 12.9 percent.
Commercial Address Points by Sector
There were 181,683 occupied commercial address points in Q2 2022, representing a decline of 1,225 on the corresponding figure in Q2 2021. Of these, 86.7 percent were allocated a NACE code. The number of NACE code-classified commercial units declined by 2,520 between Q2 2021 and Q2 2022 with most of this decline found in the Retail and Wholesale sector, with 800 fewer units. The broader sector of Services, which encompasses a range of economic activities, recorded a decline of 952 units.
The analysis also found that the Accommodation and Food Services sector accounted for 14.3 percent of all commercial address points in Ireland in June 2022. In total, 22,597 commercial units were classified as operating in this sector. Kerry, at 24.3 percent, was the county with the highest proportion of Accommodation and Food Services units relative to the overall commercial stock in the county.
“The latest GeoDirectory Commercial Buildings Report highlights a marginal but continued rise in commercial vacancy rates across Ireland. At 13.9%, the national commercial vacancy rate in Q2 2022 was the highest recorded by GeoDirectory since we started compiling these reports in 2013. The past two and a half years have proved to be difficult for businesses to navigate, thanks to the impact of Covid-19 restrictions followed by rising inflation and energy costs," Dara Keogh, Chief Executive of GeoDirectory, said.
