Report suggests strong Northern Ireland commercial property market

By Neil Logan

A new report from CBRE suggests that there are active commercial property deals in Northern Ireland due to be completed within the next 6 weeks with a combined value of £220million.

The quarterly market update suggests that the commercial property market in Northern Ireland was strong in Q2 of this year, and is positioned to have an active third quarter, in spite of delays in the run up to the general election, and the ongoing uncertainty of Brexit. There was £18million of investment across 7 commercial property transactions in the region in the most recent period, and there are currently deals totalling £220million expected to complete within the next couple of months. There are also a large number of new hotels under construction, with 7 projects underway in Belfast alone.

Director of CBRE, Gavin Elliott, says "market activity continues to be robust", and believes that "the local property market should also be well placed for the further future investment as a result of the additional £1billion funding recently announced for Northern Ireland."

The report also highlights in particular the strength of the office market and a fall in commercial property vacancy levels, though warns that there is a lack of development sites in Northern Ireland for future development.

If you require legal advice from a commercial property solicitor in Northern Ireland, or in respect of another commercial law matter, contact Wilson Nesbitt in Belfast by clicking here.