Belfast letting space doubles in quarter three
 
Wed, 15th October 2014
 
 

Belfast letting space doubles in quarter three

More than 200,000 sq ft of office space has been leased in Belfast in the first nine months of the year, with quarter two's volume almost doubling in quarter three.

A total of 117,106 sq ft of office lettings were signed in the capital during the third quarter of 2014, which represents the most letting activity in the quarter since at least 2010.

Consumer services and leisure tenants made up 37 per cent of the third quarter lettings, with 24 per cent attributed to business services occupiers.

Only 10 per cent of office take-up during the period was by public sector tenants, suggesting the sector's dominance is "slowly being eroded".

David Wright at CBRE Belfast said: "We have experienced strong volumes of activity in the Belfast office sector over recent months and are encouraged by recent job announcements across the region which bode well for this sector.

"We have also witnessed an increase in prime rents in the Belfast office market, with prime headline quoting rents now in the order of £14.50 per sq. ft."

A separate study showed that more than 630,000 sq ft of office accommodation in Belfast is currently awaiting a planning decision.

Wright added: "We are currently aware of at least 30 companies actively searching for grade-A accommodation, requiring more than 620,000 sq ft of office space. This is good news for the city and the economy as a whole with 82 per cent of demand coming from the private sector reducing our historical reliance on public sector tenants."


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category Ireland  |  source Insider Media