26 OCT 2017
Occupier demand for office space is one of the few bright spots in Northern Ireland’s commercial property market, according to the latest RICS and Ulster Bank Commercial Market Survey.
Demand from tenants across the office sector rose in the third quarter of the year according to the balance of Northern Ireland surveyors, whilst demand for retail space fell and demand within the industrial market was flat.
Meanwhile the volume of enquiries from potential investors fell back in the quarter, according to respondents, including a further decline in enquiries from foreign investors.
As a result of the constrained demand, three-month expectations for both rents and capital values remained subdued.
Political uncertainty – including the ongoing Brexit negotiations – continues to be seen by surveyors as an impediment to market activity. In relation to the investment market, respondents have indicated that reduced supply of assets for sale is also an issue.