February 14, 2019
The office sector in Belfast has 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, according to CBRE’s Offices Marketview research. 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. According to CBRE Northern Ireland Office 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.
Said David Wright, Director at CBRE: “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. We expect 2019 to be another active year given the current requirements in circulation.” 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.