Office space take-up in Belfast more than doubles
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.”