Daily Mirror (Northern Ireland)
Belfast’s space race
Demand for city centre offices ‘at record high’
Strong demand for space saw Belfast’s office lettings market reach a record level of activity last year, according to a new report from Lambert Smith Hampton.
Its Ireland Office Market Report showed total “take-up” of 885,023 sq ft, double that recorded in 2017 and 80% higher than the fiveyear average.
Much of that was accounted for by two major lettings – Pwc’s pre-let of 155,012 sq ft at Merchant Square and the Department of Finance’s 150,000 sq ft lease of 9 Lanyon Place – with demand for highquality, grade A stock said to be strong.
The performance is particularly striking given the uncertain political environment, according to Greg Henry, associate director of agency at Lambert Smith
Hampton. He said: “Despite the challenging political climate, Belfast continues to demonstrate resilience.
“The recent announcement of Deloitte as anchor tenant at Bedford Square suggests take-up will remain strong into 2019. New entrants are taking advantage of the talent, clusters and ultrafast broadband benefits that Belfast offers while longstanding occupiers are continuing to show their commitment to the city.”
Rents for grade A office space have been steadily increasing over the last seven years, up from £12 a sq ft in 2011 to £22 . Mr Henry said the development of new office space remains relatively healthy, although speculative building has been limited with most current schemes pre-let.
Currently under construction is the second phase of 213,000 sq ft Bedford Square and the 40,000 sq ft Lazer 2 at Weavers Court Business Park.