Demand for commercial property in Northern Ireland increases
The demand for commercial property in Northern Ireland increased during the last quarter according to the recent RICS and Ulster Bank Commercial Market Survey, with the office and industrial sectors both experiencing a significant rise.
The increased demand is however set against a backdrop of reduced investment, which reduced £177m compared to a 5-year average of £330m. Growing uncertainty around Brexit has undoubtedly contributed to the smaller volumes of commercial deals, and there is a well documented shortage of appropriate office space in Belfast and the rest of Northern Ireland to meet the demand, especially by tech and digital companies. There was however a record 885,000 sq ft of commercial office space taken up in 2018, representing £165 worth of transactions, and there are a large number of office space developments underway in Belfast to try to meet the rising demand.
Leasing or purchasing commercial property requires expert advice from a number of professionals, and an experienced commercial property solicitor is essential to advise on the obligations and restrictions of any lease on matters such as maintenance, rent review, limitations on use etc.