Belfast Telegraph

Northern Ireland office market's 'strongest start to a year'

By Staff Reporter

The office market in Northern Ireland has experienced its strongest ever start to the year, according to commercial property agents CBRE.

Its Office Market Report for the first quarter of 2018 recorded take-up of 270,310 sq ft across 23 reported transactions, a large proportion of which was taken up by US insurance giant Allstate's move into its new headquarters on the old Maysfield site.

Other significant deals included HCL's take-up of additional space at Millennium House in the city, Compare NI's letting of a floor at Adelaide Exchange, and Secure Broadcast leasing space on Callender Street.

David Wright, director of CBRE's advisory and transaction services, said: "Interest in good quality, city centre offices remains strong with a large number of requirements currently in circulation. There are no new-build office schemes due to be completed in 2018 and therefore the market will continue to rely on refurbished stock to meet demand.

"We also expect quarter two to record strong take-up given the number of deals going through the legal process."

Belfast Telegraph

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