Of­fice space take-up in Belfast more than dou­bles

Belfast Telegraph - Business Telegraph - - News - BY MARK ED­WARDS

THE take-up of of­fice space in Belfast has more than dou­bled in the third quar­ter of this year, ac­cord­ing to a new com­mer­cial prop­erty report.

Fig­ures re­leased by Lis­ney re­veal 91,557 sq ft of of­fice space was taken up dur­ing the quar­ter but the firm warned the sup­ply of units in prime re­tail lo­ca­tions was dry­ing up. The value of sig­nif­i­cant com­mer­cial prop­erty sales in the quar­ter went up to just shy of £200m, with ma­jor prop­er­ties still on the mar­ket in­clud­ing Long­wood Re­tail Park in New­town­abbey, priced at £47.8m.

Declan Flynn, man­ag­ing di­rec­tor of Lis­ney North­ern Ire­land, said: “In­vest­ment lev­els jumped sig­nif­i­cantly in the third quar­ter of the year, fol­low­ing a very quiet start to 2017.

“Our pre­dic­tion of in­vest­ment vol­umes hit­ting £300m is on course, with a num­ber of trans­ac­tions in­clud­ing River­side Re­tail Park in Col­eraine set to com­plete be­fore year end. In­deed, with Long­wood Re­tail Park in New­town­abbey cur­rently on the mar­ket, we could po­ten­tially sur­pass that es­ti­mate.”

He added: “Of­fice deals com­pleted showed a mix of both indige­nous oc­cu­piers and new mar­ket en­trants tak­ing space, which is an en­cour­ag­ing in­di­ca­tor of mar­ket re­silience given the on­go­ing po­lit­i­cal un­cer­tainty. How­ever, lev­els across the year will be less than the long-term av­er­age of be­tween 300,000 and 400,000 sq ft an­nu­ally.”

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