Monthly Archives: January 2017

The UK Office Market Forecast for 2017

Map of United KingdomDuring 2016, the UK’s office market experienced a few ups and downs linked to political uncertainty and decreased consumer and investor confidence. In spite of this, the overall market performance did not stray far from what was expected: strong levels of leasing activity in the Big 6 office markets (namely Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester), sustained rental growth due to the limited availability of Grade A space in cities like Birmingham, Bristol, Leeds, Manchester, London, Cardiff, Edinburgh, and Glasgow, and a notable surge in the number of lettings closed in London towards the end of the year. Are these trends expected to continue during 2017?

2017 UK Office Market Forecast

Some of the trends affecting the British real estate market in general are expected to have an impact in the performance of the country’s office market too. The most notable of these include:

– Generalised market volatility linked to the political and economic ramifications of the Brexit process

– A low GDP growth index (currently set at 1.4 per cent) may result in a tight job market and increased inflation, which in turn may cause business owners and investors to postpone the acquisition of new office properties or to downsize

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The Titanic Quarter – Future Projects

Titanic Quarter image courtesy of titanic-quarter.comThe Titanic Quarter involves a master plan that will see the development of 185 acres of waterfront land in Belfast over the next three decades. With planning permission in place for some four million square feet, the development project will see new spaces for work and living emerge in coming years. In addition to developing a Media Campus and extending the Financial Services Campus, the site will see new leisure and tourism projects that will draw residents and visitors to the city.

Home to over a hundred companies and more than 4,000 workers, the Titanic Quarter continues to grow in order to attract more businesses. Among the main commercial development projects planned for the Titanic Quarter is the Financial Services Campus, which sits next to Belfast Metropolitan College, the Public Record Office of Northern Ireland (PRONI) Building and the Gateway Offices that is occupied by Citi. The campus will feature four buildings with six to 12 storeys overlooking a raised courtyard. The development will also include an underground car park with more than 300 spaces. When completed, it will provide more than 550,000 square feet of Grade A office space.

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