{"id":14592,"date":"2021-04-13T13:07:11","date_gmt":"2021-04-13T12:07:11","guid":{"rendered":"https:\/\/lisney.com\/belfast\/?p=14592"},"modified":"2022-08-04T16:11:44","modified_gmt":"2022-08-04T15:11:44","slug":"steady-growth-in-office-take-up-essential-ingredient-for-economy","status":"publish","type":"post","link":"https:\/\/lisney.com\/belfast\/steady-growth-in-office-take-up-essential-ingredient-for-economy\/","title":{"rendered":"Steady growth in office take-up ‘essential ingredient for economy’"},"content":{"rendered":"
One of the burning questions facing most commercial property advisers is how to predict the future of the office. Time will tell, but at the moment most businesses are looking forward to a time when they can get their staff back into the office environment.<\/p>\n
Zoom calls are a great form of communication, but nothing beats face-to-face interactions, particularly informal discussions where ideas are shared without the rigid formality of a Zoom call. You should also spare a thought for junior staff and trainees in any organisation as they are meant to learn from their more experienced colleagues, again this is very difficult through a screen.<\/p>\n
With the end of lockdown in sight, we are hearing more and more from various office users that they intend to fully utilise the space that they have, albeit that the requirement for 9 to 5 working five days per week will no longer be the norm.<\/p>\n
Despite the optimism going forward, the take-up of office property in the first quarter of this year has been dismal, with a total of 37,200 sq ft being reported over eight deals. The largest deal was the 11,750 sq ft letting to Bazaarvoice in the East Tower of Lanyon Plaza. Bazaarvoice falls squarely into the technology\/software sector, so it’s no surprise that it has seen considerable growth throughout the pandemic. However, even though it has successfully traded with its staff working remotely, it is a huge confidence boost to the sector agreeing to take substantial office space during an uncertain time for office occupiers.<\/p>\n
A further sign of confidence in the office sector was evidenced by the recent sale of the Merchant Square office development in the centre of Belfast to a Middle Eastern investor. The \u00a387m sale represents one of the largest office investment transactions to have ever taken place in Northern Ireland, and the yield at just under 5.25 per cent is comparable with yields in major cities throughout the rest of the UK.<\/p>\n