Office space take-up in Belfast increased significantly in Q3, according to new data released by Savills Northern Ireland.

19 transactions, totalling 91,557 sq. ft. completed in the quarter – more than double the number in Q1 and Q2 combined (14) taking the total take-up for the year to date to 257,029 sq ft. An overwhelming majority of occupiers (84%) are favouring Grade A specification and interestingly when considered in context with concerns over Brexit’s effect on the economy, 66% of the take-up was as a result of expansion and 12% is from new entrants into the market.

Key deals included the letting of 11,564 sq. ft. to broadcaster, UTV at the City Quays 2 office development. Newry-based financial firm First Derivatives agreed a deal to become the anchor tenant at the Weaving Works building, taking 25,034 sq. ft.

Elsewhere, Regus – the global serviced offices firm – took 7,447 sq. ft. at The Lincoln Building on Great Victoria St, while communications software firm Metaswitch will occupy 5,500 sq. ft. at the Flax Building on Adelaide Street.

Commenting on the uptick in transactions, Simon McEvoy, Savills NI commented:

“The occupier market in Belfast remains healthy post Brexit, with office take up in 2016, 35% ahead of the 5 year average and 2017 is expected set new records and exceed 2016’s take-up. Behind this there is also a very healthy 750,000 sq ft of demand, predominately for Grade A offices, however with less than 200,000 sq ft of current Grade A availability it is time to start the supply of new developments to meet this demand.”