According to the latest GeoDirectory Commercial Buildings Report for Q4 2024, Wexford’s commercial vacancy rate stood at 10.8%, slightly higher than the previous year’s 10.5%.
Despite this small increase, Wexford’s vacancy rate remains lower than the national average of 14.5%.
This is a positive sign for the county, particularly when compared to areas with higher vacancy rates such as Sligo, which recorded 20.6%, and Donegal at 20.1%.
However, not so much for New Ross which reported the highest commercial vacancy rate at 24.2%, a concerning figure for the town.
On the other hand, Gorey boasted the lowest vacancy rate in the county at 10.3%.
These figures suggest a noticeable disparity in the demand for commercial space within different towns across the county.
While Wexford’s overall vacancy rate remains relatively low, it’s worth noting that the county saw a 0.3 percentage point increase compared to December 2023. The increase aligns with the wider national trend, where 15 out of 26 counties saw a rise in commercial vacancy rates during the same period.
In contrast, Wexford’s commercial vacancy rate was among the lowest in the country, following Meath (9.9%) and Kerry (12.3%).
The wider national picture also shows a consistent rise in commercial vacancies across Ireland, which has been partly driven by factors such as the ongoing effects of the pandemic, the shift to online shopping, and evolving business needs, particularly with hybrid working becoming more prevalent.
Speaking to South East Radio News the CEO of GeoDirectory Dara Keogh said the New Ross commercial vacancy rates requires a focus on adapting to changes in the business environment, “We have to look at the services that are available and what the services people need. There’s a constant change in the business environment, and that’s going to continue. So we have seen definitely a move to online purchasing, and that has an effect on stores that are available. I suppose we also have to look at the sort of change that’s happened in attendance in offices since COVID and the prevalence of hybrid working has had an effect and has changed businesses”
