Belfast: New office space development slows sharply

New research has found that the development of new office space in Belfast has slowed sharply

The development of new office space in Belfast has slowed sharply, according to research from business services firm, Deloitte.

Every year the company publishes a "crane survey" which tracks major new developments in the city.

It found that while three office schemes were completed in 2023, only one major new office project started during the year.

That is the lowest number since 2016.

There were six significant new development starts in 2023, mainly residential and hotel projects.

Move to flexible working

The firm said the slowdown in office development reflects "the move to more flexible working arrangements by employers in the city, and the substantial volume of office space that has been released into the market in recent years".

New offices completed recently include the Paper Exchange, Olympic House and the Ewart.

Deloitte is due to become the major occupier of the Ewart, as it consolidates its Belfast offices into one location.

Kainos, one of Belfast's major employers, is also expected to start work on a new head office in the city centre this year.

Deloitte said that of the nine major developments completed in Belfast in 2023, four were student accommodation schemes which added over 1,000 new student rooms to the total across the city.

A further 774 rooms are due to be completed this year, with more in the pipeline, including three sites due to be developed by Queen's University.

During the year, there were five residential projects under construction, which will create almost 1,000 new homes - compared with a total of just 306 new homes built in the city centre since 2016 across six developments.

The largest of the new schemes is the Loft Lines development in Titanic Quarter - which accounts for 778 of those homes and combines private tenancy with affordable and social housing.