Property and office space in Northern Ireland turns a corner
Following a difficult year so far, Northern Ireland’s troubled office space and property market has begun to improve, according to a report by CB Richard Ellis.
Despite subdued investment activity and a drop in office space demand, Q3 is reportedly set for an increase in negotiations and deals. The quarter has also produced improved interest in selected investment assets.
However, conditions are still said to be extremely “challenging” in the current economy.
According to Property Week, Brian Lavery, managing director of CBRE in Belfast, said:
“The first half of 2009 has certainly been challenging for the Northern Ireland property market. There are reasons to be optimistic, however, as a number of transactions are being negotiated and should be completed in the third quarter.”
“While rental and capital values are likely to remain under pressure for some time, there is strong interest in some of the investment product that has recently come to market including the Richmond Shopping Centre in Londonderry and a portfolio of First Trust branches in the region, which leads us to believe that transactional activity in the investment market will improve this autumn.”
For more details of office space to rent in Northern Ireland, start searching online at officebroker.com or contact one of our consultants direct for free, regional advice.