Belfast Telegraph

Belfast hits record level of occupancy for offices in early 2018

By Ryan McAleer

The office market in Belfast is booming, according to new survey released.

The take-up of office space in the city reached its highest level on record during the first half of 2018, commercial property consultants Lambert Smith Hampton said.

The Belfast Office Market Update H1 2018 showed 538,646 sq ft of office space was occupied during the past six months - more than double the same period in 2017 and 49% above the five-year first-half average.

Not only was it the highest half year on record, it surpassed the annual total recorded in each of the last 10 years.

The figure was considerably boosted by the completion of Allstate's new 138,225 sq ft headquarters on the former Maysfield Leisure Centre site and the Department of Finance's 150,000 sq ft lease of Nine Lanyon Place, both in Belfast.

Allstate's new complex is the largest single office build in the last 15 years, while the lease of Nine Lanyon Place is the single biggest letting in the past decade.

The survey showed that 78% take up rate for Belfast's grade A office space.

Stuart Draffin, head of agency at Lambert Smith Hampton in Belfast, said: "Demand this year has been primarily driven by public sector and technology, media and telecoms clients, together accounting for 75% of take-up.

"Over the last six months we've experienced a high level of interest from FDI investors and professional firms who are considering locating to Belfast or expanding their operations here, which provides a very positive picture for the future."

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.