Confidence In Commercial Property Market Remains 'Relatively Robust'

Confidence within Northern Ireland's commercial property market remains relatively robust, despite a clear trend of falling interest from foreign investors, according to a new data.

Occupier demand continued to increase in all sectors in the first quarter, whilst availability of space declined, the latest Royal Institute of Charted Surveyors (RICS) and Ulster Bank commercial market survey has revealed.

However, enquiries from foreign investors declined for the fourth quarter in a row.

RICS Northern Ireland commercial property spokesperson, Tracy Flannigan said: "In terms of occupier demand and rent expectations, the Northern Ireland commercial property market started 2017 much as it ended 2016, with good demand evident.

"It is also encouraging to see some new office refurbishments starting, but the lack of availability of space, particularly grade A office accommodation, remains a key challenge for the market, as well as some uncertainty on the horizon in relation to Brexit, which can be seen in the figures relating to foreign investment enquiries. However, for now, rental and capital value expectations remain positive."

(CD)