Statistics from CBRE reveal that over 100,000 sq ft of Belfast city office lettings were completed during the 3rd Q of 2011, across 12 major deals.
This is a 65% increase on the results for April- June. So far this year in Northern Ireland’s capital, office deals for 200,000 sq ft have been signed, which already exceeds the final total for 2010 by over 50,000 sq ft.
CBRE’s Belfast office lettings team consider the positive figures to be a signal of a paradigm shift away from Belfast City’s over-reliance upon public sector occupiers. The strong office take-up statistics for January to September indicate that in spite of the uncertain global economic situation, at the local level there is a healthy volume of transactions by occupiers seeking Belfast rental property.
David Wright at their Belfast office commented that: “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."
Increasingly, it is overseas businesses that are moving into Belfast offices, as in recent years Northern Ireland has succeeded in winning 7% of all foreign direct investment into the UK. Microsoft, Accenture and Citigroup are among the global corporations to set up in Belfast.