Best Property Services Commercial department have reported strong interest in industrial and office market but in general there is a lack of availability of commercial premises coming onto market in Q1 2019 which is contributing to pent up demand in some sectors.
Ciara Aiken, Director said that figures from the first quarter showed strong interest in the industrial market however this is being frustrated by a lack of property available for sale or rent. In general terms, volumes are down on the same period last year with much of the available stock already agreed or let.
Ciara explains: “The resulting pent up demand is contributing to a number of ‘off market deals’ - that is sold before we have a chance to market them. A number of industrial lettings and most notably some industrial sales have passed hands this way in Q1 with a few agreed well in excess of £1 million,” Ciara adds.
As before, retail remains challenging - shadowing the national trend for online sales, out of town developments and parking issues in city centres.
The Office market continues to hold strong with demand for SALE purchases particularly, although most modern occupiers insist that secured parking is a requirement, Bests report.
Last year, the shadow of BREXIT could be seen in buyer enquiries and concerns but this first quarter it appears to be a lessening issue Ciara said.
“I believe that businesses have adopted a ‘get on with it’ mentality as there is a perception that there will be a softer BREXIT in the future, whenever a deal is eventually agreed. It’s notable that there are still reasonable enquiry levels from buyers and occupiers from ROI - particularly for Industrial and warehousing purposes - so Northern Ireland is not yet a ‘no go’ area for commercial property buyers from across the border,” she adds.
For more information contact Best Property Services Commercial team on 028 3026 6811 or visit www.bestpropertyservices.com