Northern Ireland commercial property strong despite political problems

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Belfast
Northern Ireland is politically unstable with no elected government in place, and there is also political uncertainty in the area over Brexit. However, the political situation has not affected the
commercial property market. According to the CBRE’s report NI Marketview, in the second quarter of 2018, there have been commercial property deals for 268,336 square feet, bringing the half year total to 538,646 square feet. The director of CBRE David Wright said:
“Given the current political instability in Northern Ireland, the activity in the office market is incredibly encouraging. “Considering that the five-year average of performance in the Belfast office market is 385,000 sq. ft., the first six months of 2018 have been exceptional, and we expect take-up to stay strong throughout the remainder of the year due to the number of large requirements in circulation.”
There is a strong demand for industrial and office property, and the build to rent sector is also doing well. The hotel sector is performing strongly too, with new hotels opened by Marriot and Hilton. The only sector that is struggling is retail, with the demand for retail property in Northern Ireland at a six-year low. This is not unexpected as the retail sector in the rest of the UK is having problems with the closure of many high-profile retail chains. Interest rates for commercial mortgages and bridging loans that help finance property deals are low, and investors have many lenders and loan products to choose from.

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