A LACK of availability of commercial premises is driving up demand in the Northern Ireland market, according to a new report.
Research from Best Property Services commercial department reports strong interest in the industrial and office sectors in the first three months of 2019, but the lack of property coming on to the market for sale or rent the source of ongoing frustration.
The volume of property available is down on the same period last year, with much of the stock already agreed or let, according to the report.
Ciara Aiken, director of the Best Property Services said this resulting pent up demand is contributing to a number of ‘off market deals’
"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,” Ms Aiken said.
The retail environment remains challenging, according to the analysis, while the office market continues to hold strong with demand for sale purchases particularly.
Some positivity, however can be seen through the apparent reduced influence of Brexit in buyer enquiries at the start of 2019, according to Ms Aiken.
“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 Republic of Ireland - 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 added.
