CBRE NI’s latest Belfast Office Market Report provides a comprehensive overview of market performance in the second half of 2024.

Key insights include:

• Increased Take-Up: Total office take-up reached 178,530 sq ft in H2 2024, reflecting a 5% rise from H1 2024 and a 33% annual increase compared to 2023.
• Shifting Demand Trends: The market experienced a flight to quality, with modern, high-spec office spaces outperforming older stock due to their superior ESG credentials and amenities.
• Supply and Availability: Total available office space remained high at 1.26 million sq ft, with limited supply of Grade A stock, which is expected to tighten further.
• Rising Rents: Prime Grade A office rents stood at £25.50 per sq ft, with expectations of further increases due to limited supply.
• Investment Market Challenges: Investment volumes fell by 65% year-on-year to £118 million, with retail emerging as the dominant sector, while office investment remained subdued.

Despite a challenging final quarter, Belfast’s office market showed resilience with strong leasing activity and growing interest in flexible office solutions. Looking ahead, CBRE NI anticipates a continued focus on premium office spaces and a potential recovery in investor confidence in 2025.