Whilst the Northern Ireland commercial property market has been hampered by a lack of investment deals in the face of ongoing local, national and international political uncertainty, the Belfast office market was the stand-out performer in 2018 according to CBRE’s Offices Marketview.
CBRE’s Offices Marketview research for H2 2018 shows that the office sector in Belfast enjoyed its most successful year on record with 885,023 sq ft of take-up reported across 84 transactions – more than double that was achieved last year.
Notable office deals completed in 2018 include PwC’s move to Merchant Square, Northern Ireland Civil Service to 9 Lanyon Place, Allstate to Mays Meadow, TLT to River House and Baker McKenzie to City Quays 2.
CBRE NI’s Office Agency Director said that the local office market’s record-breaking year is an indicator of the resilience of the commercial property market as well as the wider Northern Ireland economy.
He commented: “Foreign direct investment in the region remains strong and indigenous technology and professional services businesses are continuing to grow, as our latest Marketview report indicates.”
CBRE’s research suggests that headline rents will remain at a high level during 2019, with rents for best-in-class buildings achieving £21.00 per sq ft to £23.00 per sq ft.
Mr. Wright added: “We expect 2019 to be another active year given the current requirements in circulation. Deloitte’s recent announcement of their plans to move to McAleer & Rushe’s Bedford Square development is another clear sign of the confidence in the Belfast office market.”