Demand for NI office and industrial space up for first time in two years
That's according to the latest Royal Institution of Chartered Surveyors (RICS) Commercial Property Monitor for the first quarter of the year.
A net of 6% of NI respondents reported a rise in overall occupier demand, with both office and industrial space seeing an increase.
The last time this net balance was in positive territory was quarter two 2023. A net balance of 6% saw a rise in office space and a net balance of 25% in industrial.
And respondents expect rents to increase in the short-term, according to the survey.
'A net balance of 17% expect rents to rise at an all-sector level over the next three months, which is the highest this balance has been since 2018,' it said.
'Rents in both the office and industrial sub-sectors are anticipated to rise through the next quarter (net balances of 6% and 56% respectively).
Garrett O'Hare, RICS NI commercial property spokesperson and managing director of Bradley NI said: 'The commercial property market in Northern Ireland continued to face challenges with a variety of highs and lows depending on the asset class and location.
'The industrial sector continues to outperform the other subsectors, with demand continuing to outweigh supply, albeit demand has eased back somewhat since the influx of occupiers on the back of Brexit. It's encouraging to see that retail is showing some signs of improvement with increased occupier demand in high footfall locations, but with rents remaining relatively low. The prime office market with larger floor areas remains under pressure, while small spaces and serviced offerings remain attractive due to their flexibility and cost effectiveness.
'While it's promising to see that surveyors are more optimistic on the overall outlook of the commercial property sectors, there are still many obstacles in the way.'
And looking at the picture across the UK, RICS Chief Economist, Simon Rubinsohn, said: 'Despite the turbulence engulfing the geo-political environment following President Trump's tariff announcement at the start of April, feedback to the latest RICS was steady with the headline investment enquiries metric returning to positive territory, albeit modestly, for the first time since the second quarter of 2022.
'Longer term indicators, while generally constructive, continue to reflect the likely headwinds facing the real estate market over the next twelve months. Aside from the challenges linked to the global economy, concerns around domestic issues including the impact of the uplift in NI contributions are seen as likely weighing on occupier demand.
'Meanwhile the bifurcation in the office sector remains very visible in the latest results with the outlook for prime space seemingly improving as sentiment around secondary offices remains deeply negative.'
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