Commercial property construction in Belfast remains positive
A new report by Deloitte describes commercial property construction in Belfast as “positive”, following what it considers to be a healthy 2018 in terms of building projects.
Hotels and offices make up the majority of the 35 commercial property schemes that were completed or started; a 17 per cent increase on the previous year despite the growing uncertainty and lingering fears around Brexit.
No residential schemes were begun in Belfast, with Deloitte’s Simon Bedford saying that “issues of density and height restrictions have been raised as challenges for developers seeking funding”. Belfast Council has set a target of increasing the number of residents in the city centre in order to help attract large employers, who have demonstrated an appetite for office space in the capital in recent years. An additional 400,000 sq. ft. of office space was added to the city in the past year.