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Industrial sector holds ground as commercial propertyreturns slow in August
Investment returns on industrial property beat all other commercial sectors for the month of August, with total returns of 1.4%, compared to a market average of 1.0%.
Despite ongoing strength in the industrial sector, total returns across the UK commercial property market dipped in August, falling from 1.2% in July to 1.0%.
Despite slowing growth across the market in August, baseline performance remained strong, with average total returns of 1.0% sitting slightly behind a monthly average of 1.1% for 2015, bringing the year-to-date return on commercial property investments to 9.2%.
Less than 90,000 sq. ft. of office lettings signed in Belfast in the first half of the year but expected to be significantly surpassed in H2 2015
Prime office rents increased again in recent months and now stand at approximately £172 per m2 (£16 per sq. ft.).
Although plans to cut corporation tax to 18% by 2020 were announced in the recent UK budget, more radical plans to give Northern Ireland autonomy to set its own rate of corporation tax now look less likely to materialise
The retail sector has been relatively busy over the Summer months with a number of new entrants looking at opportunities and a number of new store openings taking place
The vacancy rate on Belfast’s prime pitch is now approximately 8.8%.
A number of investment opportunities are currently being marketed across the region and several others are due to be formally launched for sale over the coming months
Prime yields remain relatively stable as the Autumn selling season commences
A busy Autumn season is now in prospect with strong volumes of activity anticipated in all sectors of the market in Northern Ireland over the next few months