Requirements in Belfast

A recent report by CBRE suggested that a rise in the number of office deals in Belfast is approaching, as a number of occupiers look to secure more space.

Belfast office lettings in the first half of 2014 barely reached 100,000 sq ft in just over 20 transactions. This total was less than half the 200,000 sq ft of office deals that were signed in the second half of 2013 in the city. Recent lettings have included office space being taken by Deloitte, Cowen Financial, Scottish and Southern Energy, Grant Thornton and Herbert Smith Freehills. Meanwhile the British Council and Pharmalink Consulting have agreed moves to ‘The Boat’ office building.

However, news of recent job creation by Alexander Mann, PricewaterhouseCoopers, Options, WAVTEQ, CVS Caremark and Spence and Partners, amongst others suggests more demand for new and expanded office space to come. Metropolis has spoken to these companies and a raft of plans to take more office space in the city have been revealed (details on our database).

There are high profile searches ongoing from accountancy firms EY and Deloitte who both require up to 60,000 sq ft of office space; as well as office space requirements from companies such as Concentrix, Capita and Proofpoint. There are also a lot of sub-10,000 sq ft potential movers, as well as continuing investment from a number of US-based companies and a number of UK companies looking to set up lower cost regional operations.

The largest office scheme under construction is the 68,000 sq ft speculative City Quays scheme; while the 150,000 sq ft Olympic Building has gained consent and the 124,000 sq ft City Quays 2 building is at application stage.

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