Belfast commercial property building at 10-year peak, report says

Belfast’s commercial property sector is enjoying a resurgence despite the backdrop of Brexit with the number of development projects currently under way at its highest rate in nearly a decade, according to new research.

The first Belfast Crane Survey produced by Deloitte Real Estate, shows a total of 30 schemes under construction or recently completed in the city.

According to Deloitte this includes four educational facilities, seven student accommodation projects, six office developments and eight new hotels. It estimates this will deliver 573,527sq ft (53,282sq m) of new office space completed by 2018 and more than 1,000 additional hotel rooms for the city.

Simon Bedford, partner in Deloitte's Real Estate practice, said the report shows that Belfast is on an "upward trajectory" as a location for investment and development.

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The Deloitte research identifies the relocation of the University of Ulster to a Belfast campus as a "game changer" with almost 2,500 student accommodation bed spaces across seven major projects currently being built in the city centre area.

The report also shows investment in the retail and leisure sector is healthy, with Deloitte citing the business rate revaluation as one factor behind more store openings and new brands opening in the city’s key shopping locations.

But its research also highlights that office and residential development in Belfast is “subdued”.

Deloitte said 84 residential units were completed in the city centre in 2016, but none are likely to come to the market this year.