Northern Ireland commercial property reaches pre-recession levels | 08 January 2015
An estimated £500 million worth of deals for commercial property in Northern Ireland were closed in 2014, a new report from Savills Northern Ireland shows.
This means the value of commercial property investment in Northern Ireland has returned to levels last seen before the economic crisis. Compared with the previous year, the value of the deals closed in 2014 shot up 186 per cent, reports propertywire.com. Properties for retail use performed best, as they accounted for 88 per cent of the value of the deals closed – equal to £440.27 million.
The key deals closed in Northern Ireland in 2014 were in Belfast, including: Shane Retail Park, The Obel and Cityside Retail Park.
Savills believes that the rise in investment is due to the emergence of private equity and an increase in the number of jobs available, particularly in the retail sector, reports newsletter.co.uk.
Ben Turtle, director of Savills Northern Ireland, said the commercial property market will continue to perform well in 2015 too.
“One of the key drivers of investment activity has been rental growth and we expect both retail and office rents to increase this year,” he stated. “As a result, we see strong investor demand continuing into 2015 with £300 million of assets already scheduled for sale – this time last year, that figure was £200 million.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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