Ireland’s commercial property problem: 30,000 vacant premises

There has been lots of talk in recent months about the state of the commercial property industry. Since the pandemic the vacancy rate for offices in Dublin has spiked, yet that tells only a part of the story.

What is going on nationally across all commercial sectors? The latest survey from GeoDirectory, prepared by EY, gives us a snapshot of the market more broadly, and it isn’t a pretty one.

The vacancy rate across all commercial properties in the country hit 14.6 per cent at the end of 2025, according to GeoDirectory’s latest report. That’s up marginally on the third quarter of the year, but perhaps more notably it is the highest vacancy rate since the GeoDirectory survey began in 2013.

It seems hard to believe that the national vacancy rate is now higher than the aftermath of the property crash and ensuing financial crisis, but the data is clear, with more than 30,000 properties considered vacant around the country.

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Sligo and Donegal recorded vacancy rates of more than 20 per cent while Galway’s rate was third highest at 18.6 per cent. Meath had the lowest commercial vacancy rate in the country at 10 per cent, while Dublin’s rate declined to 13.2 per cent.

Given that, it makes sense that Connacht is the province with the greatest percentage of vacant buildings followed by Ulster and Munster.

The record-high national vacancy rate for this survey comes amid numerous changes in Irish commerce. As GeoDirectory chief executive Dara Keogh noted, “online shopping and commerce, along with remote working trends” have had a huge impact on the market.

They continue to do so. Walk down a main street in nearly any town and you will see vacant storefronts. Add in banks’ retrenchment from having a sprawling branch network and you have a recipe for big, landmark properties lying vacant. Those issues aren’t specific to Ireland but they are undoubtedly factors in the changing make-up of commercial life around the country.

[ More than 14,500 properties are vacant across DublinOpens in new window ]

Still, there are some points of optimism in the report: nine of the 15 towns with the highest vacancy levels saw year-on-year improvements.

“This indicates that local efforts to revitalise town centres, along with natural commercial turnover, can have a positive impact,” said Simon McAllister, partner at EY.