Belfast office market closes H1 in strong position

HMRC will lease Erskine House for 25 years, accommodating 1,600 staff
HMRC will lease Erskine House for 25 years, accommodating 1,600 staff

Interest in Belfast’s office market has remained strong throughout the first half of 2017 despite take-up being down from the previous six-month period.

According to CBRE’s Belfast Office Marketview report for H1 2017, the total number of transactions is not a fair reflection of the current pace of activity taking place within the city.

Whilst there were only 14 transactions completed in H1 2017, there is in excess of 100,000 sq ft of deals currently going through the legal process.

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.

“There has also been a number of major announcements from a range of FDI companies via Invest NI, which will translate into future office transactions in the coming months.”

Invest NI have made significant job announcements on behalf of a range of companies arriving and expanding into Northern Ireland, including Bazaarvoice, Redline Trading Solutions, Anomali and Unosquare.

In addition, the Centre for Secure Information Technologies at Queen’s University Belfast has also been announced, which will further enhance Belfast’s international expertise in cyber security.

Highlights in the first half of 2017 include deals to Grant Thornton on Donegall Square West, the refurbished Linen Loft on Adelaide Street welcoming Spence & Partners as its first tenant, and the announcement that HMRC will lease Erskine House for 25 years, where it will accommodate 1,600 employees.