Latest news with #GarrettO'Hare
Belfast Telegraph
22-05-2025
- Business
- Belfast Telegraph
NI estate agency Simon Brien announces new acquisition
Bradley NI in Newry is now the first business to become a franchisee under Simon Brien's new franchise model. Simon Brien, which has five branches around Belfast and Co Down, was acquired by Sherry FitzGerald Group in the Republic of Ireland last year. The acquisition of Bradley NI, which is led by chartered surveyor and managing director Garrett O'Hare, now adds locations in Newry, Warrenpoint and Newcastle to the wider Simon Brien business. Sherry FitzGerald said the deal marked the 'next chapter' in its ambition to broaden its presence around Northern Ireland. Mr O'Hare said: 'We're incredibly proud to be the first franchisee of the Simon Brien brand. "This move allows us to retain our local knowledge and client relationships while benefiting from the marketing power, cutting-edge technology, and support of a respected all-island brand. "It's the perfect partnership to drive our next phase of growth.' Simon Brien, founder and managing director, added: 'Launching our franchise model is a significant milestone, and we're delighted to welcome Garrett and the team at Bradley NI. "Their integrity, ambition, and deep understanding of their markets make them the ideal first franchise partner. "This expansion is just the beginning as we look to bring the Simon Brien service to even more clients across Northern Ireland.' News Catch Up - Wednesday 21 May Sherry FitzGerald is the Republic of Ireland's largest estate agency, with 110 offices, 73 of which are franchised. It has been in business for over 40 years and describes its business as 'the most successful franchise model in the Irish property market'. The rebrand to Simon Brien Bradley will start over the summer, with a full launch expected by early autumn, Sherry FitzGerald said.
Belfast Telegraph
24-04-2025
- Business
- Belfast Telegraph
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.'
Belfast Telegraph
24-04-2025
- Business
- Belfast Telegraph
Occupier demand for commercial property in Northern Ireland on the up: report
According to the Royal Institution of Chartered Surveyors (RICS) quarterly report, members reported a rise in occupier demand during quarter one – the first positive finding since quarter two in 2023. Surveyors were positive about both office space and industrial space – though there was more evidence of rising occupier demand for the latter. And as a result, the biggest number of surveyors since 2018 said they expected rents to go up. However, expectations of rising rents were stronger for industrial space than office space. But demand was less positive in the investor market, with industrial space the only type of property to see an increase in investor demand. Respondents were also cautious when it came to capital value expectations. But surveyors were more optimistic about capital values going up when taking a 12-month view. 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. 'Whilst 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.' Simon Rubinsohn, RICS chief economist, said performance UK-wide had been steady. '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 12 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.'
