09/03/2004
Belfast office rents are lowest in UK and Ireland
Northern Ireland is cheaper for business with the lowest rental costs in the UK and Ireland, according to the latest Office Market Report.
This is according to the latest in a series of office reports produced by The Valuation and Lands Agency, an agency within the Department of Finance and Personnel and compiled in conjunction with the University of Ulster.
In the report Belfast came out on top compared with other regional centres in the UK and Ireland based on occupational costs (rents, rates and service charges), giving further encouragement for inward investment.
Lack of tenant demand at the beginning of the year was causing rental levels to fall, however this was followed by an upsurge in demand mainly from the public sector. By the end of the year, the rental level had stabilised at £135/m2 for good quality office space in a prime location.
Sponsored by Investment Belfast, the report comments on the changes in the market throughout 2003 highlighting that rental levels fluctuated throughout the period due to changes in supply and demand.
(MB)
This is according to the latest in a series of office reports produced by The Valuation and Lands Agency, an agency within the Department of Finance and Personnel and compiled in conjunction with the University of Ulster.
In the report Belfast came out on top compared with other regional centres in the UK and Ireland based on occupational costs (rents, rates and service charges), giving further encouragement for inward investment.
Lack of tenant demand at the beginning of the year was causing rental levels to fall, however this was followed by an upsurge in demand mainly from the public sector. By the end of the year, the rental level had stabilised at £135/m2 for good quality office space in a prime location.
Sponsored by Investment Belfast, the report comments on the changes in the market throughout 2003 highlighting that rental levels fluctuated throughout the period due to changes in supply and demand.
(MB)
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