NI commercial property office lettings doubled in 2018

By Neil Logan

There was a record year of commercial office lettings in Northern Ireland in 2018, with the number of agreements more than doubling the total from the previous year.

Agency CBRE confirmed that 84 agreements had been reached in respect of the letting of commercial office property in Belfast and the rest of Northern Ireland last year. The increase is thought to be down to 'north-shoring' moves as firms prepare for Brexit and look to take advantage of Northern Ireland's proximity to the Republic.

Whereas Brexit is thought to have boosted the commercial letting market, the political impasse is thought to have limited the number of commercial property sales in Northern Ireland. Most potential buyers from overseas have significant concerns about political issues in Northern Ireland.

CBRE managing director Brian Lavery believes Northern Ireland offers "a unique investments opportunity" but that "success will be dependent on a Brexit deal which prioritises the local business and economy."

If you require legal advice in respect of a commercial property lease, sale or purchase, contact one of the commercial law solicitors at Wilson Nesbitt in Belfast for information and advice by clicking here.