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Laois Sees Largest Fall In Number Of Empty Shops

Tuesday, 17 September 2024 17:20

Two midlands counties are below the national average for commercial vacancy rate.

Laois has seen the largest drop in the number of empty shops in the country.

GeoDirectory's latest reports shows the county saw a reduction of 0.5% in its commercial vacancy rate.

The commercial vacancy rate currently stands at 14% in Laois, which puts the county just below the national average of 14.4%.

Offaly recorded one of the higher rates in the country, at 16%, which is unchanged from the figure this time last year.

A 12.7% rate puts Westmeath near the bottom of the list, which is also the same as the second quarter of 2023.

The report also looks at commercial vacancy rates among towns in the country, with Edenderry, in Offaly, and Mountmellick, in Laois, among those with the highest figures in Ireland.

The national rate of 14.4% is the highest since records began in 2013, with changing consumer habits, the growth of online commerce, remote working and rising business costs labelled as contributing factors.

Annette Hughes, Director at EY Economic Advisory, said, "Commercial vacancy rates increased in 14 out of 26 counties surveyed, which represents an improvement on the same period in June 2023, when vacancy increases were recorded in 20 out of 26 counties.

While the national commercial vacancy rate has reached a new high of 14.4% in Q2 2024, the economic outlook remains positive and with inflation falling and a recent cut in ECB interest rates, there is a possibility that commercial vacancy rates will recede from its current peak."

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