Clare’s commercial vacancy rate rises to 15.5%
A NEW report states that the commercial vacancy rate in Clare increased by 0.4 percentage points (pp) to 15.5% in the twelve months to Q4 2022.
That is according to the latest GeoDirectory Commercial Vacancy Rates Report.
The commercial vacancy rate in Clare was higher than the national average of 14.0%.
According to the report the commercial vacancy rate in Ireland hit a ten year high of 14%, the highest level recorded by GeoDirectory since the report began in 2013.
Of the towns in Clare surveyed, Shannon had the highest commercial rate at 29.8%, while Ennis had the lowest rate at 18.0%.
The report found that Shannon, Co. Clare was the town with the highest commercial vacancy rate in the state, at 29.8%. Ballybofey, Co. Donegal (29.2%), Edgeworthstown, Co. Longford (28.4%), Boyle, Co. Roscommon (27.7%), and Sligo Town (25.4%) completed the top five towns by highest commercial vacancy rate.
Commenting on the findings of the latest Commercial Vacancy Rates Report, Dara Keogh, Chief Executive of GeoDirectory said, "The rate of commercial vacancies is the highest level recorded by GeoDirectory since the Commercial Vacancy Rates Report began in 2013, continuing the trend of increasing rates in recent years.
"It is likely that this will continue in the short to medium term, as working-from-home becomes more formalised, combined with the growth of online retail and services, resulting in businesses requiring less physical space than previously."