Investment in Belfast’s office market slumps to £26m in first six months

Just 14 contracts signed compared with £103m in deals in first half of 2016, says CBRE

Architect’s image of Erskine House, Belfast

Architect’s image of Erskine House, Belfast

 

Investment in Belfast’s office market amounted to £26 million (€28.7m) in the first half of the year, significantly below the £103 million invested over the same timeframe in 2016, latest figures show.

CBRE’s Belfast Office Marketview report for the first half of 2017 confirms that just 14 deals were completed to June.

Some of the biggest transactions included Grant Thornton’s move into new offices at Danske Bank’s landmark Donegall Square West building and the UK’s HMRC decision to lease Erskine House for 25 years.

David Wright, director, CBRE said: “Whilst appearing relatively quiet on the face of it, the Belfast office market has remained robust during the first six months of the year with a large number of deals in legals.

The property agents expect the second half of the year to be busier because of “the current pace of activity taking place”.

CBRE estimates that there are a large number of deals – of more than 100,000sq ft – going through legal processes.

Mr Wright said once these transactions complete they will deliver a “surge” in the North.