Commercial vacancy rate in Waterford higher than national average

The commercial vacancy rate in Waterford was 14.8% in June 2025, which was higher than the national average of 14.6%, according to the latest GeoDirectory Commercial Vacancy Rates Report.

Compared to the same period in 2024, the commercial vacancy rate in Waterford increased by 0.3 percentage points.

The food and accommodation sector has been hit particularly hard in Waterford, with five closures in the past 12 months.

The analysis, prepared by EY, found that the national commercial vacancy rate reached a new high of 14.6% in June 2025, with a total of 30,800 commercial units classified as vacant across the State.

In total, the commercial vacancy rate increased in 17 out of 26 counties surveyed.

This comes at a time when the residential vacancy rate is at a historic low.

Planning exemptions introduced in 2018 removed the requirement for planning permission for the conversion of certain types of commercial properties into residential units.

In 2022, the exemption was extended to allow vacant pubs to be converted into homes. Since then, there have been 154 notifications for a change of use relating to vacant pubs, with the potential to provide 459 new homes.

Local authorities received 1,457 applications between 2017 and 2024 to turn vacant commercial properties into new homes.

This would have the potential to create 3,429 new homes, according to the Department of Housing, Local Government and Heritage.

However, a 33% Capital Gains Tax applies to the sale of commercial properties.

The Hardware Association of Ireland (HAI) has called on the government to abolish this tax.

Commenting on the findings, Dara Keogh, CEO of GeoDirectory, said this trend represents "significant challenges" to the commercial industry.

The nature of shopping is changing, with many choosing to buy online.

Waterford shops, such as Argos, have closed down due to large online competitors, including Amazon.