Resurgent Northern Ireland Commercial Property Set For Active Year-End
Belfast, 1st November 2014 – Commercial property consultants CBRE Ireland today released their final bi-monthly analysis for 2014 focussing on trends in each sector of the Northern Irish commercial property market. According to their November bi-monthly report, 2014 has been a record year for the commercial property market in Northern Ireland with a notable increase in transaction volumes in the investment sector of the market. Investment spend is expected to be boosted even further if a number of assets currently being marketed get signed by year-end.
According to Brian Lavery, Managing Director, CBRE Belfast, “2014 has been a record year for the Northern Irish commercial property market with a resurgence of activity across almost every sector of the market. Evidence of the recovery of the commercial property sector is most visible in the investment sector, with £411 million invested directly in the commercial market in Northern Ireland n the year to the end of September of which 90% has comprised retail investment.
“The sale of NAMA’s entire holding in Northern Ireland, by way of a loan sale earlier this year, helped stimulate the increase in the volume of asset sales throughout 2014, but we’ve also benefited from an escalation in job announcements which has boosted office leasing activity as well as rental growth. We anticipate continued activity in all sectors of the commercial property market during the last two months of what has been a remarkable year.”
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