{"id":8612,"date":"2017-08-22T18:17:47","date_gmt":"2017-08-22T17:17:47","guid":{"rendered":"https:\/\/lisney.com\/belfast\/?p=8612"},"modified":"2020-11-06T12:53:21","modified_gmt":"2020-11-06T12:53:21","slug":"commercial-property-transactions-in-ni-to-reach-300m-in-2017","status":"publish","type":"post","link":"https:\/\/lisney.com\/belfast\/commercial-property-transactions-in-ni-to-reach-300m-in-2017\/","title":{"rendered":"Commercial Property Transactions In NI To Reach \u00a3300m in 2017"},"content":{"rendered":"<p>The value of commercial property transactions in Northern Ireland is expected to reach \u00a3300 million this year, despite Brexit uncertainty.<\/p>\n<p>The estimate was revealed as Lisney published the findings of its report into the second quarter of 2017, during which it said the market had sustained a \u201cpausing effect\u201d due to the UK General Election.<\/p>\n<p>However, the report found transaction volumes are expected to increase significantly with the \u00a3125m purchase of CastleCourt Shopping Centre by Wirefox completing in the third quarter, a major contributory factor.<\/p>\n<p>The report also found that office take up from April-June improved on the first quarter, reaching 43,000 sq ft, but added that unsatisfied demand is now between 400,000 and 500,000 sq ft.<\/p>\n<p>In the retail sector, Lisney said the second quarter was marked by more activity in the regions with significant new lettings in Enniskillen, Coleraine, Bangor, Ballymena, Newry and Derry.<\/p>\n<p>Lisney said that overall, 2017 is expected to provide greater investment volumes than the \u00a3215m transacted last year, but added that demand could be dampened as consumer spending shows signs of slowing down.<\/p>\n<p>Headline findings from the report reveal that:<\/p>\n<ul>\n<li>Investment volumes during the second quarter of 2017 reached \u00a318m, with a further \u00a3200m+ currently under offer or in legals and \u00a369m currently on the market.<\/li>\n<li>The most notable transaction during the second quarter was Wirefox\u2019s \u00a3125m purchase of CastleCourt Shopping Centre in Belfast.<\/li>\n<li>The take-up of office space amounted to 43,000 sq ft during the second quarter, with headline rents expected to stabilise between \u00a320 and \u00a322 per sq ft.<\/li>\n<li>Retail vacancy rates in Belfast city are expected to fall below 10%, pushing prime rents to between \u00a3135 and \u00a3150 per sq ft.<\/li>\n<li>Renewed interest in industrial occupation and investment, given export focus and improved profitability due to fall in value of sterling.<\/li>\n<\/ul>\n<p>Declan Flynn, Managing Director of Lisney Northern Ireland, which specialises in office, retail, leisure and industrial property acquisition, disposal and investment, commented:<\/p>\n<p>\u201cOverall transaction levels in the Northern Ireland commercial property market are expected to rise significantly in 2017 compared to last year and we are seeing continued demand particularly for investment stock.<\/p>\n<p>\u201cSubdued investment volumes over the first half of the year were as anticipated in the context of the General Election while its pausing effect was amplified due to the wider macro political climate.<\/p>\n<p>Examining the performance of the local office, retail and industrial property markets in the second quarter of 2017, Mr Flynn added:<\/p>\n<p>\u201cThere are positive signs ahead for the local office market in the third quarter and beyond, attributable to unsatisfied demand, continued inward investment and new market entrants, particularly within the creative industries sector.<\/p>\n<p>\u201cGiven the levels of demand, there is now a greater emphasis on delivering refurbishment projects swiftly and pushing speculative new build schemes through planning without undue delay.<\/p>\n<p>\u201cOn the supply side, the commencement of groundworks at Chichester Street on behalf of Orby Developments is another positive move.<\/p>\n<p>\u201cIn retail, the effect that Brexit uncertainty is having on consumer confidence is a real worry for retailers but border towns are benefiting from the strengthening of the euro against the pound..<\/p>\n<p>\u201cVacancy rates in Belfast are at an all-time low and we expect a major announcement over the coming months on a new occupant for the former BHS store on Castle Lane.<\/p>\n<p>\u201cSpeculative construction meanwhile, is still not a viable option for developers in the industrial sector, resulting in a number of owner occupiers constructing their own premises.\u201d<\/p>\n<p>Lisney\u2019s latest report on the Northern Ireland commercial property market can be viewed in full here: <a href=\"https:\/\/lisney.com\/belfast\/research-and-report\/\">https:\/\/lisney.com\/belfast\/research-and-report\/.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The value of commercial property transactions in Northern Ireland is expected to reach \u00a3300 million this year, despite Brexit uncertainty. The estimate was revealed as Lisney published the findings of its report into the second quarter of 2017, during which it said the market had sustained a \u201cpausing effect\u201d due to the UK General Election. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8612","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Commercial Property Transactions In NI To Reach \u00a3300m in 2017 - Belfast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lisney.com\/belfast\/commercial-property-transactions-in-ni-to-reach-300m-in-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commercial Property Transactions In NI To Reach \u00a3300m in 2017 - Belfast\" \/>\n<meta property=\"og:description\" content=\"The value of commercial property transactions in Northern Ireland is expected to reach \u00a3300 million this year, despite Brexit uncertainty. 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