Rate of vacant commercial units across city and county is higher than national average
Almost one in five commercial premises in Galway is vacant – and that stark statistic comes before the full impact of Covid-19 leaves its mark.
The commercial vacancy rate across the city and county has risen to 16.6% - and while that only represents an increase of 0.4 per cent from this June to June 2019, it is 3.1 per cent higher than the national average.
That’s according to analysis in the latest GeoView Commercial Property released by GeoDirectory and EY-DKM Economic Advisory Services last week.
It shows that vacancy rates increased in three of the four provinces in June 2020 compared with June 2019 – but again this comes too soon to gauge the full impact of Covid-19 on commercial property
The survey shows that Tuam was the town with the highest vacancy rate in Galway (21.8%), while Loughrea had the lowest (16.8%).
Of the four provinces, Connacht had the highest commercial vacancy rate at 17% – further emphasising the east-west divide in economic activity that has been evident in previous GeoView Commercial Property reports.
The top five counties to record the highest vacancy rates in Q2 2020 were all in Connacht.
Sligo, at 19.3%, was the county with the highest commercial vacancy rate, followed by Leitrim (17.1%), Mayo and Roscommon (16.6% each) and Galway (16.6%).
For more, read this week’s Connacht Tribune.
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