Lisney debates lessons from Republic market
COMMERCIAL property consultants Lisney held an event to debate whether Northern Ireland’s market can learn from the Republic.
Senior figures from the agency, which has offices on both sides of the border, presented to developers, banks and law firms at its Dublin office to explore whether Northern Ireland could capitalise on the recent successes enjoyed by the market in the Republic.
Declan Flynn , managing director at Lisney in Belfast, said average investment from overseas for both Northern Ireland and the Republic is around 40%.
“But the key difference between the markets is that investment in the north is in millions (of pounds) and investment in the south is in billions,” he said.
“However, the population in the south is only 2.5 times larger than that of the north, and we are not a million miles apart.
“There are certainly lessons to be learned from our counterparts south of the border.”
According to Lisney, investment activity here has traditionally been dominated by retail, whereas the southern market has been dominated by offices, where rents are 2.5 times higher.
Global tech giants including Google and Facebook have contributed to a major expansion of office space in Dublin over the past decade, taking premises over one-third larger than the market average.