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Office rental boom defies gloom

By Clare Weir

Published 12/10/2011

Office lets in Belfast are booming despite the economic downturn, according to a property consulting firm.

CBRE has said that statistics from the third quarter of 2011 for Belfast city centre show that over 100,000 sq ft of office lettings was completed in 12 deals, up more than 65% over the previous quarter.

During the year to date, over 200,000 sq ft of office lettings have been signed in Belfast - eclipsing total take-up for all of 2010 by over 50,000 sq ft.

David Wright at CBRE said the figures were "very encouraging" and showed a shift away from dependence on public sector tenants.

"The office take-up figures in the first nine months of 2011 demonstrate the healthy level of activity that is currently being experienced in the occupier sector of the Belfast market despite the economic situation," he said.

"The figures are even more encouraging considering there has been only two public sector deals totalling 16,000 sq ft all year which shows that the Belfast office market is moving away from its traditional reliance on Government tenants to soak up supply."

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