The commercial vacancy rate in Mayo increased by 0.6 percentage points to 16.9 per cent in quarter four of 2020, according to the latest GeoView Commercial Property Report published by GeoDirectory and EY-DKM.
This was higher than the national average of 13.5 per cent, with Mayo accounting for 3.5 per cent of the state’s total commercial stock of 211,677 units.
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.
The report has analysed the commercial vacancy rates in selected towns across the country. Of the towns in Mayo sampled, Ballina (25 per cent ) had the highest commercial vacancy rate, while Westport (12.7 per cent ) had the lowest.
Speaking about the launch of the GeoView Commercial Property Report, Dara Keogh, CEO of GeoDirectory said, "It has been an extremely turbulent twelve months for commercial sectors in Ireland with restrictions and lockdowns causing much uncertainty for businesses.
"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."
The full report is available at www.geodirectory.ie
