Northern Irish commercial property recovery to continue

Offices to let in Belfast Photo: Donna Marijne

A report from Savills predicts a strong year ahead for the sector, with investor demand likely to push property transactions above a total of £200 million in 2014.

Ben Turtle, Director of Investments at Savills Northern Ireland, comments: “2013 marked a new beginning in the Northern Irish investment market. The increase in business and consumer confidence led to a wide variety of new purchasers entering the market and we expect this momentum to continue in 2014.

“We are already aware of £100m of stock scheduled to come to market in the first half of the year,” he adds, “and with economic conditions improving, we predict that transactional activity will increase this year with volumes exceeding £200m.”

Savills predict an uptake of approximately 2 million square feet of industrial space throughout Northern Ireland in 2014 and predict that new entrants to the retail market and existing retailers taking advantage of asset management opportunities will help that sector’s recovery to continue.