Office space in Northern Ireland is becoming more and more affordable, new figures show, as falling demand exerts downward pressure on values.
According to the Q3 2009 Northern Ireland MarketView survey conducted by CB Richard Ellis slackening demand has brought city office space within the reach of many more companies.
Over this period the average rent for prime office space has fallen to just £150 per square metre.
Meanwhile, in Dublin the average monthly rental for office space of the same grade now currently stands at £430 per square metre.
CBRE’s predicted that office rents in Irish cities will continue to fall in months to come, despite signs of bigger deals on the horizon in the commercial property market.
The analysis company stated that a further slide in rents is “likely considering the quantum of new office accommodation planned in the region”.
Prior to the recent decline, the Northern Ireland office space market had held up much better in the face of the credit crunch than many areas other of the UK.