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%.
