Northern Ireland has outperformed the national office absorption trend, with just 2.4 years’ worth of supply left at the current rate of take-up against the country-wide figure of 2.8 years.
This performance, anchored by a strong Belfast lettings market, means that Northern Ireland is the fourth-most constrained region for office supply across the U.K.
However, there has not yet been a response from developers to this trend, with permissions for new office space decreasing by 66% year-on-year – going counter-grain to the rest of the country, where permissions increased by 3%.
Northern Ireland also beat the national average in the retail sector, with just 2.2 years’ worth of stock currently being actively marketed against the national average of 2.8 years.
Only the East Midlands can boast a more constrained retail market against current demand – but, as with offices, there has been a decrease in new permissions for space: down 63% year-on-year.
Conversely, industrial developers have been more active in Northern Ireland over the last year, with 56% more permitted space coming through year-on-year, despite the fact that the region is just behind the national average absorption rate – with 3.4 years’ worth of stock currently actively marketed.
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