Belfast Commercial Property Report
A Guide to a City of Resilience and Innovation, on Comparetheoffices.com
Why Belfast? A Global Hub for Tech and Talent
Belfast has undergone a remarkable renaissance, transforming from a city of industry into one of Europe’s most dynamic and attractive locations for business and investment. The capital of Northern Ireland is now a globally recognised hub for cybersecurity, fintech, and the creative industries, attracting major international companies like Allstate, Citi, and Deloitte. This success is built on a foundation of a highly skilled, young, and educated workforce, competitive operating costs, and a pro-business environment.
The city’s unique dual-market access to both the UK and the European Union adds a powerful strategic advantage. Combined with a vibrant culture, a famously warm welcome, and an exceptional quality of life, Belfast offers a compelling proposition for companies seeking to attract and retain top talent in a location geared for growth. As the city continues its ambitious regeneration, it presents a unique opportunity to be part of a genuine urban success story.
The Belfast Office Market: A Snapshot
Belfast’s office market is characterised by strong and sustained demand, particularly for high-quality Grade A office space. In the first half of 2024 alone, office take-up reached over 250,000 sq ft, demonstrating significant business confidence. A “flight to quality” is evident, with occupiers increasingly focused on buildings that offer excellent ESG (Environmental, Social, and Governance) credentials, state-of-the-art amenities, and a focus on employee wellbeing.
Prime headline rents have now reached a new benchmark of £26 per sq ft, driven by the delivery of new, best-in-class developments. With a robust pipeline of talent from its two world-class universities and a growing cluster of high-value technology firms, the outlook for Belfast’s office market remains exceptionally positive.
Workspace Strategy: The Flexible Advantage vs. Traditional Control
Choosing the right office model is a critical business decision. A flexible or serviced office provides a turnkey solution with an all-inclusive monthly fee, offering unparalleled agility and minimal upfront capital. A traditional lease offers a long-term home with complete control over branding and layout, but at the cost of flexibility and a more complex, capital-intensive setup process.
| Consideration | Serviced Office | Traditional Leased Office |
|---|---|---|
| Timeframe & Agility | Short-term, flexible contracts, allowing businesses to scale up or down quickly in response to market changes. | A fixed, long-term lease (typically 5-10+ years) providing long-term security but limited agility. |
| Cost Model | A single, predictable monthly payment covering rent, rates, utilities, internet, furniture, and support services. | A base rent with numerous separate and variable costs, including rates, service charges, utilities, and a significant upfront fit-out expense. |
| Speed of Entry | Extremely fast. A team can be fully operational in a new office within a matter of days. | A lengthy process involving legal negotiations, design, construction, and procurement that can take many months. |
| Branding & Culture | A professional, managed environment with opportunities for light branding. Ideal for focusing purely on business operations. | Total control to create a bespoke workspace that is a physical embodiment of the company’s brand, values, and culture. |
Featured Serviced Office Providers in Belfast
Belfast’s thriving flexible office market offers a superb range of modern, high-quality workspaces in the city’s most sought-after locations.
Arthur Street
This Grade-A landmark property provides serviced & private offices, plus coworking desk spaces. It is located in the heart of city centre Dublin offering contemporary space with a roof-top terrace providing amazing views towards City Hall.
- Prime city centre business addresses
- Fully furnished and IT-ready offices
- Professional reception and admin support
- Coworking, private offices, and meeting rooms
High Street Belfast
Located on High Street of Belfast city centre. 10 minutes walk from both major train stations – Lanton Place and Great Victoria Street. 50% discount off multi-story car park.
- Unique Grade B+ listed historic building
- High-specification, modern interiors
- On-site coffee shop and ample parking
- Focus on community and collaboration
Cormac Sq
This modern, prominent office property in central Belfast is home to some major brands, and has serviced office space that keeps the right company.
- BREEAM ‘Excellent’ sustainability rating
- State-of-the-art wellness studio and gym
- Rooftop terrace with panoramic city views
- Advanced technology and smart building features
Spotlight on Key Commercial Districts
The Central Business District (CBD)
Centred around City Hall, Donegall Square, and Bedford Street, the CBD is Belfast’s traditional commercial heart. It is home to a high concentration of professional services firms, financial institutions, and corporate headquarters. The area boasts excellent transport links and is where much of the city’s new Grade A office development, such as The Ewart and Merchant Square, is located.
The Titanic Quarter
One of Europe’s largest and most ambitious waterfront regeneration projects, the Titanic Quarter has transformed Belfast’s former shipyards into a thriving hub for technology, media, and innovation. It is home to major occupiers like Citi, the Catalyst Inc innovation hub, and the city’s vibrant film and television production industry at Titanic Studios.
The Linen Quarter
This historic district, once the heart of the global linen industry, has been reimagined as a vibrant and characterful business location. It offers a unique mix of refurbished heritage buildings and modern offices, attracting a diverse range of businesses, from creative agencies to tech start-ups. The Linen Quarter BID is actively enhancing the area with public realm improvements and a focus on hospitality.
The Future of Belfast: A City Building Momentum
Belfast’s growth is being fuelled by a pipeline of transformative regeneration projects that are creating new neighbourhoods and commercial opportunities across the city.
The Belfast City Deal
This is a landmark £1 billion investment programme, co-funded by local partners and the UK government. It is designed to supercharge the city’s innovation economy by investing in new research centres, boosting digital capabilities, and regenerating key sites. Major projects include the Advanced Manufacturing Innovation Centre (AMIC) and the Global Innovation Institute (GII), which will further cement Belfast’s status as a leader in high-tech industries.
Weavers Cross
This ambitious masterplan will create a new urban neighbourhood centred on a new, state-of-the-art transport hub. Located on a 1.3 million sq ft site around the new Grand Central Station, the project will deliver a mixed-use development including over 1 million sq ft of office space, residential apartments, and active ground-floor retail and leisure, creating a vibrant new gateway to the city centre.
Conclusion: A Premier Destination for Business
Belfast has firmly established itself as a city of innovation, talent, and opportunity. Its compelling economic proposition, built on a highly skilled workforce, competitive costs, and unique market access, is attracting global attention. The office market is dynamic and sophisticated, with a clear supply of the high-quality, sustainable, and flexible workspaces that modern businesses demand. With a clear vision for the future and billions of pounds of investment being delivered, Belfast offers a uniquely attractive environment for companies to thrive.
Key Takeaways for Businesses:
- A Global Tech Hub: Belfast is a European leader in cybersecurity, fintech, and creative media.
- Access to Talent: The city boasts a young, highly educated, and growing workforce.
- Demand for Quality: The office market is defined by a strong flight to quality, with high demand for Grade A, ESG-compliant buildings.
- A City in Growth: Major regeneration and the Belfast City Deal are creating a world-class infrastructure for future success.