Belfast Telegraph

Belfast office rents up by 7% in first half of year

By Margaret Canning

Office rents in Belfast rose by 7% over the first half of this year - lagging behind 25% increases in Dublin, according to research.

Colliers International's office snapshot said Dublin had the steepest increase out of 29 cities.

While Belfast lagged far behind Dublin, it was far out in front of many other cities in the United Kingdom and Europe.

Prime office rents were up by just under 4% in the City of London, while in Manchester they were up 4.6%, in Edinburgh by 3.6%, and in Bristol by 1.8%.

Belfast is said to be lacking in high quality grade A office space - regarded as a key factor in attracting foreign direct investment.

Ian Duddy, director of Colliers International in Belfast, said: "For the past 12 months Belfast has shown its office market is on the up, due to a confident market, strengthening economy and shortage of good quality space, something that is likely to continue."

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