Difficult six months in NI commercial property market but activity levels starting to increase
CONTACT: Brian Lavery – 028 9043 8555 or email firstname.lastname@example.org
Belfast, 1st July 2013 – Commercial property consultants CBRE today released their mid-year report, focussing on trends in all sectors of the Northern Irish commercial property market in the first half of 2013. The property consultants say that the first half of the year has been difficult in many sectors of the Northern Irish commercial property market, although there are signs of an increase in activity across the investment and occupier markets.
Please see link further below to download a pdf copy of the full report.
According to Brian Lavery, Managing Director, CBRE Belfast “There is strong demand for prime real estate, particularly in Belfast, the issue has been a severe shortage of quality stock for many funds looking at Northern Ireland to consider. The position is beginning to improve and in the last month, we have had a number of prime assets coming onto the market to include Tesco Superstores in Newry and Craigavon and two RBS sale and leasebacks in Belfast”.
NORTHERN IRELAND MARKET
- The hosting of the G8 Summit in Co. Fermanagh in recent weeks and the announcement of an economic stimulus plan for Northern Ireland has given a notable boost to the region in recent weeks and is expected to generate dividends for some time to come, particularly in the hotel and tourism sector
- Most of the activity in the office sector in Belfast at present is relatively small in size with many companies opting to remain in flexible serviced office accommodation despite it being a more expensive option. With the scarcity of Grade A office accommodation a concern, the news that NAMA intend to provide £15 million in funding to complete two office buildings Lanyon Plaza and The Soloist Building at Lanyon Place in Belfast has been widely welcomed
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