Waterford’s commercial vacancy rate has risen to 15.5%, with significant differences emerging between the county’s towns.

The figure, recorded in June 2026, is above the national average of 14.5% and represents an increase of 0.8 percentage points compared with the same period last year, according to the latest GeoDirectory Commercial Vacancy Rates Report.

Of the Waterford urban areas surveyed, Dungarvan recorded the highest commercial vacancy rate at 20.4%, while Tramore had the lowest at 12.1%.

The figures highlight the differing picture across Waterford’s towns, with Dungarvan’s vacancy rate standing well above both the county and national averages, while Tramore’s rate was below the national figure.

Nationally, the commercial vacancy rate fell marginally by 0.1 percentage points year-on-year to 14.5% in Q2 2026. It is the first annual decline recorded since GeoDirectory began reporting commercial vacancy data in 2013.

A total of 30,611 commercial properties were classified as vacant across the State.

Donegal recorded the highest county vacancy rate at 20.7%, followed by Sligo at 20.2% and Galway at 18.6%. Meath had the lowest rate at 9.9%, followed by Wexford at 11.2% and Westmeath at 12%.

Dara Keogh, CEO of GeoDirectory, said the national decline was modest but marked a significant change after years of rising commercial vacancy rates.

He said the figures also showed “significant local variance”, with commercial property owners and local high streets needing to continue adapting to changing consumer habits.

Simon MacAllister, Partner at EY Ireland, said the figures highlighted a growing divide between areas benefiting from population growth, employment and investment and those continuing to face challenges in sustaining commercial activity.

Overall, the figures show that commercial vacancy remains a concern in Waterford’s urban areas, but the impact is not being felt equally across the county.

The contrast between the towns highlights how local economies and high streets can experience very different challenges, while the slight national improvement suggests there may be some signs of change ahead.

The report was prepared by EY.