LIVE: Commercial vacancy rate in Tipperary higher than national average new report finds

The commercial vacancy rate in Tipperary is higher than the national average of 14.5%, according to a recent report. 

The commercial vacancy rate in Tipperary was 14.7% in December 2024, increasing by 0.2 percentage points compared to December 2023 according to the latest GeoDirectory Commercial Buildings Report.

In total, 30,365 of the commercial units were vacant across the state in December 2024.

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The report also found that the commercial vacancy rate increased in 15 out of 26 counties.

Commenting on the findings of the GeoDirectory Commercial Buildings Report, Dara Keogh, CEO of GeoDirectory, said, “The national vacancy rate for commercial properties increased again in Q4 2024, continuing the trend of recent years. At 14.5% it is now at its highest rate on record, with vacancy rates increasing in all four provinces. ”

Annette Hughes, Director at EY Economic Advisory, said, “While residential vacancy continues to decline significantly, dropping to just 3.8% in our most recent GeoDirectory Residential Report, commercial vacancy trends are going in the opposite direction.

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"At 14.5% the rate now sits 1% higher than before the Covid pandemic, representing an increase of over 2,100 commercial units and comes despite a strong economy, growing population and record employment. There are likely many factors at play here including, changes triggered by the pandemic, evolving shopping preferences and continued cost pressures on businesses and households.”