{"id":8766,"date":"2018-01-17T19:05:26","date_gmt":"2018-01-17T19:05:26","guid":{"rendered":"https:\/\/lisney.com\/belfast\/?p=8766"},"modified":"2020-11-05T19:08:12","modified_gmt":"2020-11-05T19:08:12","slug":"rents-rise-set-to-fuel-resurgent-office-market-in-2018","status":"publish","type":"post","link":"https:\/\/lisney.com\/belfast\/rents-rise-set-to-fuel-resurgent-office-market-in-2018\/","title":{"rendered":"Rents Rise Set To Fuel Resurgent Office Market In 2018"},"content":{"rendered":"<p>A resurgent office investment market \u2013 fuelled by unprecedented growth in rental rates \u2013 will ensure another positive year for the commercial property sector, leading agency Lisney has reported.<\/p>\n<p>Publishing its latest report, Lisney revealed that investment volumes last year surpassed 2016 to hit \u00a3305 million, and predicted that a rise in the number of transactions will see similar levels achieved in 2018.<\/p>\n<p>In its 2017 Northern Ireland Commercial Property Report, Lisney said that, while capital values in Northern Ireland remain \u201csome way off pre-recession levels\u201d, the core local markets \u201cremain robust\u201d. The agency also pointed to a sustained period of growth in the retail sector, where vacancy rates for prime Belfast units stood at 9% at the end of 2017.<\/p>\n<p>Publishing its latest report, Lisney revealed that investment volumes last year surpassed 2016 to hit \u00a3305 million, and predicted that a rise in the number of transactions will see similar levels achieved in 2018.<\/p>\n<p>In its 2017 Northern Ireland Commercial Property Report, Lisney said that, while capital values in Northern Ireland remain \u201csome way off pre-recession levels\u201d, the core local markets \u201cremain robust\u201d. The agency pointed to a sustained period of growth in the retail sector, where vacancy rates for prime Belfast units stood at 9% at the end of 2017.<\/p>\n<p>The report said a rise in office investment numbers in 2018 was anticipated \u201cas both vendors and buyers look at the opportunities presented by rental growth in the past 24 months\u201d.<\/p>\n<p>Key findings of the report included:<\/p>\n<ul>\n<li>Investment volumes across 2017 reached \u00a3305m, including \u00a3123m paid by Wirefox for CastleCourt.<\/li>\n<li>Office take-up in 2017 fell to 325,000 sq ft from 535,000 sq ft in 2016<\/li>\n<li>Vacancy rates for prime Belfast retail units continued to improve, with just 9% unoccupied at the end of 2017.<\/li>\n<li>Industrial sector performed strongly in 2017 with the sale of the former Coca Cola factory at Lambeg, comprising 266,470 sq ft, the most notable transaction.<\/li>\n<\/ul>\n<p>Launching the report, Declan Flynn, Managing Director of Lisney Northern Ireland, said:<\/p>\n<p>\u201cAgainst a challenging economic backdrop, the Northern Ireland commercial property market has remained robust, with investment volumes surpassing the 2016 level to hit \u00a3305m. This provided a significant boost in the context of both national and local political challenges, and serves to highlight the strong fundamentals that exist locally.<\/p>\n<p>\u201cThe largest transaction of the year was the sale of CastleCourt to local asset manager Wirefox, and it is positive that off-shore equity has chosen to invest in Northern Ireland against the backdrop of a challenging retail investment market in Great Britain.\u201d<\/p>\n<p>Considering the prospects for the wider retail market in 2018, Declan added:<\/p>\n<p>\u201cWe are confident that occupier demand for Northern Ireland will increase throughout the next 12 months, with particular focus on the prime and regionally dominant locations.<\/p>\n<p>\u201cRetail investment in key Northern Ireland schemes is likely to generate strong results and, with the letting strategies of assets such as CastleCourt, The Junction, The Boulevard and the Odyssey hitting their stride, we expect to see a number of new lettings announced.<\/p>\n<p>\u201cLisney\u2019s Annual Retail Study has shown that the trend of reduced year-on-year vacancy continues apace, with only 9% of prime units remaining unoccupied at the end of 2017, compared to 10.5% at the end of 2016.\u201d<\/p>\n<p>Commenting on the prospects for the office market, Declan added:<\/p>\n<p>\u201cThe second half of 2017 reflected a more functional office market due to the amount of office take-up, the spread in the scale of transactions and also the mix of indigenous occupiers, along with new market entrants seeking and taking space.<\/p>\n<p>\u201cIn what is a welcome development, we have begun to see several Republic of Ireland-based companies making tentative enquiries for office space in Northern Ireland, which we assume is stemming from the potential implications of Brexit. This can only be positive for the sector.\u201d<\/p>\n<p>Looking at the industrial sector, the report found 2017 to have ended on an encouraging note with the fourth quarter showing the highest take-up of space, including the sale of the former Coca Cola factory at Lambeg which comprised 266,470 sq ft.<\/p>\n<p>Providing further industry commentary on the report, Alastair Todd, Head of Property at leading law firm Arthur Cox, said:<\/p>\n<p>\u201cSuch in-depth research and analysis into the local commercial property market is to be welcomed, as it provides a further insight into the level of investment being made and the number of transactions being completed.<\/p>\n<p>\u201cArthur Cox works closely with many of the sector\u2019s key stakeholders and we are fully aware of the galvanising impact on the wider economy that a strong commercial property market can have.<\/p>\n<p>\u201cThe retail and industrial sectors in particular are performing very well, and it is encouraging to be able to look ahead to 2018 with confidence.\u201d<\/p>\n<p>Lisney\u2019s latest report on the Northern Ireland commercial property market \u2013 the most comprehensive and long-established study across the investment, retail, office and industrial sectors \u2013 can be viewed in full here: <a href=\"https:\/\/lisney.com\/advisory-valuations-and-research\/\">https:\/\/lisney.com\/advisory-valuations-and-research\/<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A resurgent office investment market \u2013 fuelled by unprecedented growth in rental rates \u2013 will ensure another positive year for the commercial property sector, leading agency Lisney has reported. Publishing its latest report, Lisney revealed that investment volumes last year surpassed 2016 to hit \u00a3305 million, and predicted that a rise in the number of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[871,881,869,876],"tags":[],"class_list":["post-8766","post","type-post","status-publish","format-standard","hentry","category-landlord-tenant","category-office","category-professional-services","category-sales-lettings"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rents Rise Set To Fuel Resurgent Office Market In 2018 - 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\/rents-rise-set-to-fuel-resurgent-office-market-in-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rents Rise Set To Fuel Resurgent Office Market In 2018 - Belfast\" \/>\n<meta property=\"og:description\" content=\"A resurgent office investment market \u2013 fuelled by unprecedented growth in rental rates \u2013 will ensure another positive year for the commercial property sector, leading agency Lisney has reported. Publishing its latest report, Lisney revealed that investment volumes last year surpassed 2016 to hit \u00a3305 million, and predicted that a rise in the number of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lisney.com\/belfast\/rents-rise-set-to-fuel-resurgent-office-market-in-2018\/\" \/>\n<meta property=\"og:site_name\" content=\"Belfast\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-17T19:05:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-05T19:08:12+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/default\" \/>\n<meta name=\"author\" content=\"lisney\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LisneyBelfast\" \/>\n<meta name=\"twitter:site\" content=\"@LisneyBelfast\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"lisney\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/lisney.com\/belfast\/rents-rise-set-to-fuel-resurgent-office-market-in-2018\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/lisney.com\/belfast\/rents-rise-set-to-fuel-resurgent-office-market-in-2018\/\"},\"author\":{\"name\":\"lisney\",\"@id\":\"https:\/\/lisney.com\/belfast\/#\/schema\/person\/d32f8cbc73817ab645de5cd89e7f8d69\"},\"headline\":\"Rents Rise Set To Fuel Resurgent Office Market In 2018\",\"datePublished\":\"2018-01-17T19:05:26+00:00\",\"dateModified\":\"2020-11-05T19:08:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/lisney.com\/belfast\/rents-rise-set-to-fuel-resurgent-office-market-in-2018\/\"},\"wordCount\":799,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/lisney.com\/belfast\/#organization\"},\"articleSection\":[\"Landlord &amp; 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