Investing in Belfast's Future - A Real Estate Research Report An overview and analysis of Belfast's growth and development between 2015 and 2020 ...
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Growth Ambition for the Future | 1 Investing in Belfast’s Future A Real Estate Research Report An overview and analysis of Belfast’s growth and development between 2015 and 2020 and the city’s future outlook.
Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 2
Introduction
Renewed Ambition is a joint public The first is a detailed market asset containing invaluable insights
and private sector-led initiative insights analysis to understand and information which many
which aims to shape how we the performance of the real estate international investors, banks and
reimagine the future of our city market in Belfast over the last property companies will be keenly
and act together to deliver that five years and also to identify the interested in.
ambition in the months and years opportunity that lies ahead.
ahead. I hope all the partners involved in
In January 2021, CBRE NI was Renewed Ambition will find this
Over the last 12 months, Renewed appointed to carry out the research research acts as a useful and
Ambition has delivered an intensive and we are pleased to present their insightful tool when having those
collaborative programme across five market insights, based on their view all-important conversations with
key pillars: a series of events and of the commercial real estate market. investors and key stakeholders.
webinars to shape the conversation
about the city and engage with A second piece of research is We look forward to strong recovery
the investment community; a also underway which will assess and growth in our re-energised
stakeholder engagement strategy; a the social impact of real estate capital city, Belfast, and across the
research pillar; PR, communications investment in the city. We look wider region in the months ahead.
and media engagement and, finally, forward to sharing that too in the
a repository of relevant information coming months.
for sponsors to access through the
Invest in Belfast website. On behalf of the Renewed Ambition
Taskforce, I would like to thank all
As part of the research pillar, it was those who have been involved in
agreed we would commission two shaping this document. Collectively,
pieces of research. we have developed a new research
Joe O’Neill
Chair, Renewed Ambition
Chief Executive, Belfast Harbour
Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 3
Contents
01 Executive summary 04
02 Reasons to invest 07
03 Northern Ireland overview 11
04 Belfast in the context of UK & Ireland 14
05 The Belfast Region 21
06 Real estate market performance & outlook 29
6A Investment market 30
6B Office market 35
6C Retail market 42
6D Industrial market 48
6E Hotel & leisure market 53
6F Multifamily residential market 57
6G Purpose-Built Student Accommodation 65
07 UK & Ireland cities: commercial real estate summaries 71
Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 4
01 Executive
summary
Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 5
Executive summary
Belfast is a city with a passion economy ecosystem. A total of 44% the winners who will emerge the
for progress. It is the energetic, of new jobs are in the tech sector and strongest and Belfast has it in
Belfast is a city full of ambition, youthful and flourishing regional it is listed among the world top 10 abundance.
optimism, and above all capital of Northern Ireland and the locations of the future for technology
second-largest city on the island of investment, just behind London and Our report identifies and examines a
opportunity. As a talented, Ireland. Singapore. It is a leading European range of opportunities:
competitive and connected city for investment from US-based
It is a city celebrated for its industrial cyber security firms, as well as being The Belfast Region City Deal is
city, we’re the second fastest leadership. a strategic sister city to Boston and one of the most important recent
growing knowledge economy Nashville, building on its international achievements – a £1 billion co-
in the UK, with excellent digital In engineering, it has enjoyed world
renown in areas such as shipbuilding
connections, heritage and reputation. investment package that is vital
for growth. It is estimated that
infrastructure and thriving and aircraft manufacture. And, What does all this mean for our the deal will create up to 20,000
clusters of high growth as the largest global producer of
linen, it earned the unofficial title
future? This report, commissioned
by Renewed Ambition, analyses the
new and better jobs, delivering a
10-year programme to unlock new
companies. It’s no wonder that ‘Linenopolis’. opportunities for continued growth innovations and R&D pathways whilst
80% of businesses that locate in and investment. It focuses on the ushering in a new era of inclusive
Those heady days of industrial real estate market, examining current economic growth. Our report
Belfast choose to re-invest. prowess left their ingenious mark levels of performance and looking examines that potential in detail.
on the city’s people. They are ahead.
passionate about innovation; it is in We have a young and highly
their DNA and has earned the city However, no report of this kind can educated population, essential to
a new unofficial title – ‘Techopolis’. ignore today’s great challenges. developing the tech sector and
Now it is spearheading progress in Progress will be influenced by the fuelling the demand for talent from
other fields – like cancer research, social and economic effects of global companies locating into
health sciences, food security, data Covid-19 and the continuing impact the region, as well as fast-growing
analytics, cyber security – and in the of Brexit. Belfast is a city which has indigenous businesses.
engineering of tomorrow. faced uncertainty before, tackling
difficulties which few other cities Our city provides the unique benefit
Belfast has become a world-leading have endured and overcoming them of dual market access to the UK and
hub of discovery in digital technology, to emerge renewed and confident. In EU. For companies looking to serve
creating a thriving knowledge times of turmoil, resilience defines the UK and EU markets we are the
Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 6
Executive summary continued
ideal location. Consequently, the for new student accommodation by skills availability, competitive sale known as Project Dragonglass) Robert Ditty
real estate market is experiencing a continues to increase and at a pace operating costs and our advanced in 2018; Project Trident (the Tifco Investment Director
positive impact with an upswing in far greater than the current supply telecoms infrastructure. Hotel Platform) to Apollo Global CBRE NI
interest right across the region. can offer. Management, including the
Since 2015, there have been over Travelodge Hotels in Belfast and Gavin Elliott
The growth of online retailing and the Many of these students will graduate £343.5m of office investment deals Derry; Dalata Hotel Group buying 22 Investment Director
escalation of last mile delivery, with a with the skills Belfast needs and will in Belfast, most notably the sale Ormeau Avenue for £18.5m and the CBRE NI
consequent requirement for further stay to live and work here. Belfast City of Merchant Square for £87m, the £17m spent by Ampleforth Group to
space, is leading to significant Council has set an ambitious target largest such sale in Northern Ireland, buy the Fitzwilliam Hotel.
demand for logistics and industrial of attracting 66,000 people to live which reflected a yield of 5.2%.
development, increasing the need for and work in the city and also 31,600 There has also been £34.47m worth Going forward, the city has strong
further space. additional homes across Belfast by of industrial investment, including fundamentals in place to support
2035. Amazon’s Last Mile distribution hub an upsurge in Build-to-Rent (BTR)
The office market has been the city’s at Channel Commercial Park, sold with a major opportunity for first-
strongest-performing sector since This is a city which will be home to to UBS for £27.12m in 2020, at a mover advantage. Whilst there
2015. An imbalance in supply and the professionals of tomorrow. It reported yield of 5.5%. aren’t any major BTR developments
demand, coupled with high levels is also a compact city, easy to get under construction at this time,
of foreign direct investment, means around and an attractive place in The hotel sector has been badly several investors and developers are
that the development pipeline will which to live, where the journey to hit by the pandemic. Pre-Covid, progressing plans with a number of
continue to expand over the next the office is not an arduous one and occupancy was approaching 72% schemes currently progressing at
few years. Despite the challenge the countryside and coast are just with a RevPar of £57.25 and an planning.
of Covid, our unique location and minutes away. Average Daily Rate of £78.201.
business environment remained The market will benefit from the Belfast is alive with entrepreneurial
a strong attractor for international We also assess the city’s unique gradual easing of restrictions, the spirit, ambition and optimism. This
companies with 2020 and 2021 to geographical advantages and ambitious tourism and cultural report projects a picture of great
date seeing several new FDI entrants transport connections with Dublin, strategy outlined by Belfast City opportunity, unique to Belfast and
with significant job announcements GB and Europe. Belfast has become Council and the investment in unlike any other city in the UK. A
land in the city. one of Ireland’s premier business new tourism attractions funded picture of a city poised for an exciting
cities with the largest employed through the Belfast Region City economic future with untapped
Our universities and colleges have population in Northern Ireland. It Deal. Transactions since 2015 have investment opportunities.
30,240 full-time students who study enjoys major success in securing included the sale of the Hilton
and live within the city. The demand foreign direct investment, attracted Belfast (part of a wider portfolio (Source: STR. 2021 © CoStar Realty Information, Inc.)
1
Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 7
02 Reasons
to invest
Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 8 Uniquely positioned for growth “ Belfast will continue on its journey of attracting investment to develop the infrastructure needed to support our city’s ambitious economic and social plans. Powered by its young, vibrant and highly-educated workforce and home to a growing raft of inward investors and fast-growing indigenous companies, Belfast is primed for an exciting economic future, focused on sustainability and inclusive growth. Add to that the city’s access to both UK and European markets – a factor which is catching the attention of investors from across the world – the city’s growth potential is immense.” Suzanne Wylie Chief Executive Belfast City Council
Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 9
Reasons to invest
THE PEOPLE ICT INFRASTRUCTURE CONNECTIVITY
There is a highly-educated population with over 40% Northern Ireland is one of the best connected regions in Northern Ireland is a compact region with strong
of residents educated to NVQ level 4 or above. Belfast Europe. It has the highest availability of fibre broadband connectivity. It benefits from two airports connecting with
benefits from two world-class universities with Ulster in the UK at 95%, projected to increase to 99% in the near GB, Europe and further afield. London is 1 hour by plane,
University’s new campus, due to open towards the end future. Project Kelvin, the transatlantic fibre optic network Dublin 1 hour 30 minutes by car and Scotland 2 hours
of 2021, bringing 15,000 students and staff into the city which links Europe to the US, has its first connecting hub 30 minutes by ferry. In addition the region has a well-
centre. 26% of the population is aged between 16-34 in Europe on Northern Ireland’s north coast. This allows connected motorway network and the majority of large
which is one of the youngest populations in Europe. Northern Ireland based servers to send data to the US cities and towns in the wider area can be accessed within
quicker than any other part of Europe. 15 to 45 minutes’ drive. There is extensive investment
in the transport infrastructure such as the new Belfast
Rapid Transit System and the new transport hub in
Belfast city centre, due to open in 2025, will further
improve connectivity.
QUALITY OF LIFE THE ECONOMY DUAL MARKET ACCESS
Belfast has a lot to offer. Excellent education, healthcare, Belfast has a high GDP per capita of £44,300. GDP The region is unique in having dual market access within
affordable housing, quality public facilities and amenities growth for 2021 is estimated at 4.9% which is ahead of the UK and European markets. This has the potential to
provide the city and its residents with a very high quality the UK average. The region is also creating jobs at a faster create unparalleled opportunities and advantages in a
of life. Glassdoor named Belfast as one of the top cities in rate than the UK, led by the tech sector with 44% of jobs range of areas including manufacturing, life sciences and
the UK in which to work and live. created, compared to a UK average of 12%. financial and professional services.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 10
Reasons to invest
BELFAST REGION CITY DEAL OFFICE SECTOR INDUSTRIAL & LOGISTICS SECTOR
The Belfast Region City Deal is a £1 billion co-investment This continues to be one of the best performing sectors This sector is expected to see huge growth over the
package. The UK Government has contributed £350m, in Northern Ireland. Rents are very competitive at £23.00 next five years with no speculative schemes on site and
the NI Executive is expected to add at least a further psf and are a significant discount when compared to nearly 2 million sq ft of unfulfilled requirements. Current
£350m and six councils and two universities will Dublin (€60.00 psf), Cork (€32.50 psf), Edinburgh (£36.00 rents have risen considerably in the last few years but
contribute over £150m. Direct investment from the psf), Glasgow (£32.50 psf), Bristol (£37.00 psf), Leeds are still off a low base of £4.50 psf compared to Dublin
private sector will take the overall package to over £1bn. (£32.00 psf), Manchester (£37.50 psf), Birmingham (€10.50 psf), Cork (€8.50 psf), Edinburgh (£9.50 psf),
The deal’s target is the creation of up to 20,000 new and (£37.00 psf) and Liverpool (£25.00 psf). Office yields at Glasgow (£8.75 psf), Bristol (£7.50 psf), Leeds (£6.75
better jobs in a 10-year programme of economic growth, 5.75% offer are also at a discount in comparison to the UK psf), Manchester (£6.95 psf), Birmingham (£7.75 psf) and
including an increase of £470m GVA. (4.75%) and Dublin (4.00%). We expect there will be future Liverpool (£6.50 psf). We expect strong rental growth
yield compression and rental growth in this sector. as prime supply is very limited and will reach levels that
make speculative development possible. Industrial yields
at 5.75% offer are also discounted from those in the UK
(4.00%) and Dublin (4.75%).
RETAIL SECTOR MULTIFAMILY SECTOR LOW CARBON
Belfast retail has faced a succession of major challenges, There is a huge opportunity in this sector with strong Belfast City Council has established a Resilience and
including the shutdown caused by Covid. We believe it demand and affordable levels of rent. Belfast City Council Sustainability Board with an ambition to make the
will begin to pick up towards the end of 2021, due to the is strongly promoting city centre living. This will involve transition to a low-carbon economy in a generation. This
easing of restrictions and driven by further growth in significant investment from the private sector and will is seen as a key objective of local government which will
tourism, increased city centre living and cross-border be further driven by growth in the commercial property help future-proof the city and wider region.
shopping. sectors.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 11
03 Northern
Ireland
overviewCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 12
Flight time map
Glasgow
North 30mins Europe
America
Belfast
Amsterdam
Dublin 1 hour 35 mins
London Berlin
1 hour 2 hours
New York Brussels
7 hours 1 hour 30 mins
Paris
1 hour 45 mins
Milan
2 hours 30 mins
Barcelona Rome
2 hours 30 mins 3 hours
Madrid
2 hours 30 minsCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 13
Northern Ireland snapshot
Demographics Population
26% 0.64% 5.7% 69.4%
1.88m People aged
between 16-34.
Highest
population
second highest
predicted
Employment
rate of between
28% of population
of Ireland and 3% One of the youngest growth in the population growth people aged
of the UK populations UK 2019 over the next 25 16-64 years old
in Europe years in the UK
Economy
42% £47K 55.3% 3.2% 4.9%
Amount of GVA per head Business Growth in the Estimated
residents educated start up average national GDP growth
to 3rd level survival rate salary, £28,000 for 2021
education or above
Job Creation
44% 9% 10%
Tech jobs Across all jobs Office based jobs
(vs. 12% in the UK) (vs. 6% in the UK) (vs. 9% in the UK)
Geography 2HR 15 1HR 30 1HR 1HR 50
Ferry crossing Drive time Flight time Belfast to
to Scotland to Dublin to London Dublin trainCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 14
04 Belfast in the
context of
UK & IrelandCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 15
Belfast is the largest city in Northern Ireland and the second largest on the
island of Ireland after Dublin. Named amongst the top 10 best places on the
planet to visit over the next decade by Big Travel 7, the city has flourished in
Belfast recent years and is a top destination for commerce, education and tourism
both in the UK and on the island of Ireland.
• The city is alive with • Belfast is also home to a rapidly the UK corporate market. And
entrepreneurial spirit and capital growing fintech industry and is with an average home value of
investment is evident everywhere. recognised as a world-leading hub £159,625 and median base salary
Construction and development for cybersecurity. fDi Intelligence of £28,000, Belfast has emerged
remain at the forefront of the city’s ranked Belfast as 3rd globally for as a highly desirable place in One of the world’s 100% 4G broadband
onward projection. “Fintech Locations of the Future which to live. Northern Ireland is top destinations for coverage in
2020”. Global software companies the top performing UK region for fintech. Belfast, the first in
• From innovation in the legal include Allstate, Citi and Rapid7. GCSEs per head of population and Europe. Voted “best
sector to ground-breaking cancer over 40% of Belfast’s near 630K city for tech” by
research, Belfast can boast global • Belfast has a business start-up regional catchment population Zoopla.
research centres of excellence and survival rate of 55.3%, one of the are educated to NVQ level or
supporting high growth clusters. It best rates in Europe. above. Its two universities, Ulster 5th best city in the UK
is the leading city in Europe for new University and Queen’s University for quality of lifestyle.
software development and is home • There are over 895 international Belfast, have approximately 50,000
to global businesses in fintech, companies based in Belfast, students, many of whom stay in 1.5 million - the
data analytics and encryption, responsible for the employment of Belfast once they have graduated. amount of overnight
access control systems, some 98,000 people. trips per year that
and intelligent surveillance • Belfast is projected to have the 24.6 million tonnes contribute some £334
technologies. It has a film industry • International recruitment firm second highest population growth of goods and 1.5 million to the economy
which has expanded in scope Glassdoor recently named in the UK over the next 25 years (at million passengers (pre-Covid).
and reputation. As the place that Belfast as one of the top cities around 5.7%). The past five years passed through Belfast
produced Game of Thrones, it is in the UK in which to live and have also witnessed more people Harbour in 2019.
firmly on the global tourist trail. work – representing real value moving to Belfast than leaving, as
Growth is likely to continue for the for money for both employer net migration increases. 2019’s
foreseeable future with Belfast and employee. Belfast has figure of 4,100 was the highest in Two well-renowned
Harbour planning to invest a further significantly lesser costs attached well over 10 years. universities with over
£45m to quadruple the size of their to labour, commercial rents 50,000 students
current studios. and tax compared to the rest of studying in Belfast.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 16
Belfast
• Belfast is a young city and has one • Approx. 2.2m people visit Northern
of the youngest populations in Ireland every year, according to
Europe. Approximately 26% of the research from Tourism Ireland. This
population are aged between 16- is worth over £1bn to the economy.
34.
• Belfast was the first city in Europe
• Enhanced connectivity – the to achieve 100% broadband
Belfast Rapid Transit System has coverage and was also ranked the
been a huge success since it best city in the UK for tech lovers
launched in 2018. Weavers Cross by Zoopla. Urban innovation is at
transport hub will further improve the core of the city.
accessibility across Northern
Ireland and into the Republic of • Through its Smart Belfast
Ireland. Belfast is the 7th best framework, Belfast has become a
city in Europe for connectivity, ‘living laboratory’ and is harnessing
as awarded by fDi Intelligence. the city’s talent pool, creativity and
Moreover, 24.6m tonnes of goods technical infrastructure to support
and 1.5m passengers passed the city’s growth.
through Belfast Harbour in 2019.
Belfast Metropolitan Population Projection
650,000
640,000
630,000
Persons
620,000
610,000
600,000 -
590,000 -
580,000 -
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Source: Oxford EconomicsCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 17
The investor opportunity
across the Belfast Region
The Brexit advantage for the Belfast Region
Northern Ireland has the only UK land border with the
European Union. This provides some unique competitive
advantages:
• Northern Ireland has retained tariff- • These benefits will provide a
free access to the European Union. positive boost for Northern Ireland
based companies to show a further
• Northern Ireland remains in the competitive advantage when
EU’s single market for goods. considering locating or expanding.
They already benefit from a
• Dual market access to both the UK highly skilled labour pool, lower
and EU means the Belfast Region occupational costs and business
can become a gateway for the sale friendly environment.
of goods into both markets.
• Northern Ireland is the only region
free from customs declarations,
rules or origin certificates and non
tariff barriers on the sale of goods
to both the UK and EU.
“ Selling something from Northern Ireland into Great
Britain? There are zero issues. There is no paperwork or
exit declarations needed”.
Steve Harper
Executive Director of International Business
Invest Northern IrelandCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 18
A unique real estate investment prospect
Belfast’s commercial property • Belfast has witnessed record • The £100m Northern Ireland Belfast is UK’s most important regional FDI hub
market is highly competitive and levels of office, hotel and student Investment Fund, targeted Percentage of total regional FDI projects for leading UK cities, 2018-2019
represents real value for money. accommodation take-up since at stimulating development
Belfast
Its Grade A office rents are some 2015. throughout Northern Ireland, and 79
Bristol 50
of the most affordable in both the the Belfast City Centre Investment Birmingham 47
UK and ROI. At present, there is a • Office take-up has averaged Fund, aimed at stimulating further Manchester 45
large supply-demand imbalance, 482,322 sq ft per annum with regeneration in the city centre, will Cardiff 42
particularly in office, industrial and Grade A rents having grown from provide welcome support for the Leeds 34
residential sectors. £15.00 psf in 2015 to £23.00 psf in property sector as it navigates its Cambridge 25
2021. way forward. Glasgow 23
Edinburgh 22
Reading 17
• fDi Intelligence ranked Belfast as • The impact of Covid-19 has hit Aberdeen 15
best small city in the world for real estate trends with the growth
(Source: EY UK Attractiveness Survey 2020)
business in 2018 and has named of online retail and working from
it as one of the top 25 cities in the home. However both of these were
world for attracting foreign direct already well advanced in Northern Belfast City Council has made it a priority for the city to
investment. 71% of investors in Ireland so Belfast is in a strong reduce its carbon footprint. Belfast’s Resilience Strategy
Northern Ireland reinvest and we position to bounce back quicker sets out a total of 30 transformational programmes
believe this number will only rise in than most in 2021 and beyond. to transition the city to an inclusive, zero-emissions,
the following years. climate-resilient economy in a generation.
• Brexit has also presented a unique
• The Belfast Region City Deal will opportunity for CRE in Northern The Resilience Strategy is the first time that individuals
see a £1bn co-investment package Ireland, with the country now and organisations have worked together to identify the
for the wider city region. It is hoped having a foot in both the EU and shocks and stresses which make Belfast more vulnerable
the deal will create up to 20,000 UK markets. Both the public and and could threaten our economic, social or environmental
new skilled jobs alongside a 10-year private sector have a chance to future.
programme of economic growth, maximise full potential of the dual
including an increase of £470m access market. Belfast City Council has set 30 foundational programmes
Gross Value Added (GVA). to achieve decade-long interventions which will have a
positive impact, at scale, across the city to help achieve
their resilience goal.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 19
Belfast
2020 Total Investment Volume: 2020 at a Glance Belfast’s USP Recent Deals
£57.04 million Investment activity during H2 was Belfast continues to have one of Merchant Square, Channel Commercial
Number of Deals: 7 again limited due to challenges the most unique markets in the UK. March 2021 Park, October 2020
presented by Covid-19, particularly The city benefits from having two
investors’ ability to inspect properties well-renowned universities and an
and undertake due diligence. The excellent primary and secondary
investment spend over the second school system. Belfast has built a
half of the year across all sectors in strong global reputation for being a
Northern Ireland totalled £57.3m, market leader in a number of sectors
bringing the 2020 yearly investment including cybersecurity, fintech and
total spend to £136m, a decrease of film production. The city also benefits
36% from 2019. Office, industrial and from having one of the lowest Area: 240,204 sq ft Area: 99,338 sq ft
supermarket yields have remained occupational and operational costs in Notable Tenants: PwC Notable Tenants: Amazon
stable over the year. However, we the UK as well as access to best-in- Lease Term: WAULT c.9.88 Yrs Lease Term: WAULT c.10 Yrs
have seen a considerable softening class ICT infrastructure. We believe Rent pa: £4,850,000 Rent pa: £1,590,000
Prime Office Yield of yields in the retail sector, primarily that Belfast is uniquely positioned Price: £87m Price: £27.12m
5.75% driven by the effects of Covid-19 and following Brexit to benefit from NIY: 5.20% NIY: 5.5%
ongoing structural changes in the having dual access to the UK and EU Purchaser: Albilad Capital Purchaser: UBS Asset Management
sector. markets.
Belfast Investment Volumes 2015 – 2020
250
Investor Type by volume (£m) Since 2015
Prime Industrial Yield
75.16 200
5.75%
NI Investor
150
113.88 246.40
£m
GB Prop Co
100
ROI Investor
International Investor 50
Prime Retail Yield
Owner Occupier
7.5% 139.40
0
92.81 Institutional 2015 2016 2017 2018 2019 2020
49.57 Industrial Mixed Use Office Other RetailCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 20
UK & Ireland investment volumes for 2020
In comparison to other regional
2020 Investment Investment Prime Prime Prime Prime Prime Prime Retail
cities, Belfast offers significant Volumes Volumes 5yr- Office Yield Industrial Retail Yield Office Industrial Rents (PSF
headroom for growth and value Average (%) Yield (%) (%) Rents (PSF) Rents (PSF) ZA)
for money. As the development
pipeline across the various
Belfast £57.04 million £113.10 million 5.75% 5.75% 7.50% £23.00 £4.50 £125
sectors increases, we expect
that transactional volumes will
UK Key Markets £3.38 billion £5.26 billion 4.75% 4.00% 5.25% - - -
also increase and lead to yield
compression driven by strong
Birmingham £859.07 million £1.32 billion 4.75% 4.25% 6.75% £37.00 £7.75 £190
investment fundamentals.
Bristol £669.05 million £610.72 million 4.75% 4.35% 9.75% £37.00 £7.50 £76.50
Edinburgh £667.80 million £904.12 million 4.50% 4.50% 6.00% £36.00 £9.50 £175
Glasgow £250.61 million £713.08 million 5.25% 4.50% 6.00% £32.50 £8.75 £229.50
Leeds £348.96 million £511.30 million 5.00% 4.75% 6.25% £32.00 £6.75 £191.25
Liverpool £81.75 million £327.13 million 6.75% 4.50% 5.80% £25.00 £6.50 £198.90
Manchester £2.17 billion £1.89 billion 4.75% 4.00% 6.50% £37.50 £6.95 £221.85
Dublin €3.2 billion €3.4 billion 4.00% 4.75% 5.50% €60.00 €10.50 -
Cork €27.2 million €102.7 million 5.50% 6.50% 7.50% €32.50 €8.50 €180
Source: CBRECommercial Real Estate Investment in Belfast Growth Ambition for the Future | 21
05 The
Belfast
RegionCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 22
The investor opportunity
across the Belfast Region
In addition to Belfast City Belfast Region Industrial & Logistics
Council, the wider Belfast Region
encompasses Antrim and The industrial and logistics sector has been the best performing over the past five years in Great Britain. Belfast and
Newtownabbey Borough Council, the wider region are only beginning to see significant investment and occupier interest over the past 12 months and we
Ards and North Down Borough believe there is huge opportunity for first mover advantage in the sector.
Council, Lisburn and Castlereagh
City Council, Mid and East Antrim • Changing behaviours in the retail • The pandemic has accelerated • There are a number of Ireland wide
Borough Council and Newry, Mourne sector to online has resulted in changes that were already logistics requirements which could
and Down District Council. significant developer and investor underway as many temporary be in part a result of lack of space
activity in the industrial and behaviours become more and pricing on the greater Dublin
logistics sectors across Europe. permanent. The growth of online area.
The Belfast Region is a compelling retailing has helped support the
investment proposition, perfectly • Belfast and the wider region has need for further logistics space.
positioned post-Brexit, with unique not witnessed any speculative Belfast and the wider region offer
strengths including the competitive activity in the Industrial or Logistics opportunities for both investors
advantage of access to EU and sectors since 2007. and occupiers seeking lands zoned
GB markets and connections to for logistics space.
international markets such as the • Since Q4 2020, investor enquiries
US. for logistics have increased • CBRE is currently tracking
significantly. occupier requirements for in
excess of 1.9 million sq ft Logistics
• Logistics & Industrial development accommodation throughout
represents one of the largest Northern Ireland. There is currently
potential growth sectors for the no supply to meet this demand.
Belfast Region. Equally there are very limited new
build opportunities for existing
businesses to grow into and there
is a need for smaller schemes to
meet this need.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 23
The investor opportunity
across the Belfast Region
Development Opportunities across the Belfast Region
• The Belfast Region Investment • Across the partner councils,
a number of local and regional
Belfast
Guide identifies a number of
strategic opportunity sites projects have been selected to
potentially available for investment. help transform and regenerate
Region
the wider region.
• The strategic location on the
eastern economic corridor of • Investment has been secured to
Ireland makes it one of the most deliver some of these flagship
industrious and ambitious regions projects but many more Investment Guide
and best placed to take advantage opportunities are available to be
of the cross border location, realised across the Belfast Region.
Brexit advantages and locational
advantages into the UK and EU.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 24
Who has invested in the Belfast Region?
Overview: Address Purchaser Price Sector Purchaser
Between 2015 - 2020 investor activity in the Belfast Type
Region (excluding Belfast City and the Greater
Belfast Area) totalled £428.34m. A selection of Valley Retail Park, Newtownabbey AEW Europe £7,150,000 Retail Institutional
Belfast Region deals are detailed below.
Bloomfield Shopping Centre & Retail Park, Bangor Tristian Capital Partners £54,150,000 Retail Institutional
The Boulevard, Banbridge Tristian Capital Partners £11,000,000 Retail Institutional
Belfast Investment by Sector 2015 – 2020
The Junction, Antrim Tristian Capital Partners £21,795,000 Retail Institutional
2%
10%
1% Highfield Retail Park, Craigavon Private Local £14,250,000 Retail Institutional
Retail
Damolly Retail Park, Newry MJM £30,750,000 Retail Private Local
Office
Tower Centre, Ballymena Private Local £6,500,000 Retail Private Local
Industrial
Other Curry’s / PC World, Lisburn Aberdeen Asset Management £13,925,000 Retail Institutional
Tesco Extra, Newry Investec £27,250,000 Retail Institutional
86% Castlebawn Retail Park, Newtownards Home Bargains £7,200,000 Retail Owner Occupier
Down Retail Park, Downpatrick Comer Group £11,000,000 Retail PropCo
Belfast Investor Type 2015 – 2020
Bow Street Mall, Lisburn Comer Brothers £12,500,000 Retail PropCo
10%
21% Antrim Business Park, Antrim UK Private £12,500,000 Industrial PropCo
Private Local
Clandeboye Retail Park, Bangor Harry Corry Pension Scheme £8,700,000 Retail Private Local
Owner Occupier
3%
Institutional Sprucefield Retail Park, Lisburn NewRiver Retail £40,000,000 Retail Institutional
PropCo Abbey Retail Park, Newtownabbey Slate AM £33,000,000 Retail Institutional
65% Royal Mail, Mallusk Unknown £30,000,000 Industrial Private Local
Curry’s / PC World, Sprucefield Private Local £8,000,000 Retail Private Local
Statistics exclude Belfast City and the Greater Belfast Area.
Source: CBRE.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 25
The Belfast Region City Deal
What will it deliver? 3. Competitive Operating Costs
• Salary costs are lower than other regions
What is it? The Belfast Region City Deal will deliver
of the UK and up to 30% lower than
The Belfast Region City Deal is a growth in the city regions economy with
London, Dublin and Paris.
a 10 year programme to increase GVA by
collaboration between the Belfast £470m and creating up to 20,000 new and
• Operating costs are lower than the rest of £1 billion
the UK and Europe (FDI benchmarking).
Region partner councils, Queen’s better jobs, accessible to people from all value of the Belfast
• Prime office rents are amongst the lowest Region City Deal
University Belfast, Ulster University and communities.
in Europe and are lower than many other
the regional Further Education Colleges The Belfast Region City Deal partners
UK regional locations and Dublin.
alongside NI and UK Governments. have agreed four investment pillars:
• The overall tax burden in Northern Ireland
is the lowest of all the major European
Partners have agreed an integrated • Infrastructure economies.
programme to transform the region’s • Tourism and Regeneration £470 million
economy. The £1 billion co-investment • Innovation and Digital 4. Digital Connectivity planned increase
package will seek to address a number • Employment and Skills • Northern Ireland was the first region in GVA
in Europe to achieve 100% broadband
of key barriers to growth. What are the advantages? coverage.
• Project Kelvin offers resilient and fast
1. Excellent Transport Infrastructure
connectivity to North America.
• Two airports offering daily scheduled
flights across UK, Europe and other
5. Highly Skilled & Talented Workforce
worldwide destinations.
• The Belfast Region provides access
• Belfast Harbour is the second busiest
to over 1 million people. It generates
port on the island of Ireland.
approximately £47,000 GVA per head.
• Motorway network linking all areas
• 61% of all jobs in Northern Ireland are
including easy access to Dublin and
based in the region.
the EU.
2. Location
• Easily accessible location.
London is an hour away by air and
Dublin is 90 minutes by car.
• Northern Ireland is the only part of the
UK sharing a land border with the EU.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 26
Belfast Region City Deal – Projects
The following are a selection of
projects being progressed as part
of the Belfast Region City Deal.
i4C Innovation Centre Belfast Destination Hub
St. Patrick’s Barracks, Ballymena Belfast city centre
Click here to read more. Click here to read more.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 27
Belfast Region City Deal – Projects
The following are a selection of
projects being progressed as part
of the Belfast Region City Deal.
Bangor Waterfront Hillsborough
Bangor Hillsborough
Click here to read more. Click here to read more.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 28
Belfast Region City Deal – Projects
The following are a selection of
projects being progressed as part
of the Belfast Region City Deal.
Newry City Centre Regeneration Advanced Manufacturing Innovation Centre (AMIC)
Newry Belfast Region
Click here to read more. Click here to read more.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 29
06 Real estate
market
performance
& outlookCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 30 06 Investment A market
Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 31
Investment market
Overview:
The Belfast Commercial Real As the second largest city on
Estate (CRE) investment market the island of Ireland, it has huge
has traditionally been much investment potential. Northern
smaller than in other major Ireland and Belfast have a
On average, £132m Property returns of Averaged against the 71% of investors
UK cities, with over half of its unique competitive advantage
of CRE investment 7.7% for Belfast in 2019, 3 main property asset reinvest in Belfast.
investments since 2015 coming as a consequence of Brexit, with
takes place in exceeding that of other classes, yields equate
from domestic UK investors. This arrangements eliminating tariffs for
Belfast each year. UK nations. to 6.28%.
being said, what Belfast’s CRE UK businesses trading with the EU.
market perhaps lacks in stature, Northern Ireland firms will also avoid
it makes up for in value. Attractive the need for new regulatory checks Notable Belfast Investments
yields, positive rental growth, because they will still be following
large public sector employment EU single market rules. This Address Date Sold Purchaser Price NIY Sector
and a growing tech industry are should attract new occupiers and
all reasons investors continue to business seeking to benefit from
choose Belfast. its exceptional status, which in turn Merchant Square Mar-21 International £87,000,000 5.20% Offices
should be a positive boost for the
Belfast CRE industry. Holywood Exchange Nov-20 GB Prop Co £17,920,000 9.74% Retail
Amazon, Channel Commercial Park Oct-20 Institutional £27,120,800 5.50% Industrial
Furthermore, given that no other UK
country shares a border with the EU, CastleCourt Shopping Centre Jul-17 International £123,000,000 6.41% Retail
Belfast offers a gateway to Europe
- less than a 90-minute drive to John Bell House, Belfast – NI Investor £30,000,000 TBC Other
Dublin, a city that witnessed €3.2bn
of CRE investment in 2020. Many Metro Building, 6-9 Donegall Square South Sep-18 NI Investor £21,800,000 5.52% Office
commentators suggest that capital
NCP Car Park, Montgomery Street Jun-18 Institutional £18,040,000 4.27% Other
previously deployed into Dublin may
be invested into Belfast in future 40/46 Donegall Place, Belfast Jun-18 International £16,400,000 7.00% Retail
years as Belfast establishes itself as
a portal of trade for the UK and EU. Cleaver House, Donegall Place Sep-17 ROI Investor £15,250,000 7.63% Mixed Use
Obel 68 Aug-18 Institutional £15,200,000 6.64% Office
Source: CBRE.Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 32
Investment market
Investment Volumes: However, there was some Type of Investor: Belfast Investment Volumes Industrial
2020 Investment volumes across encouraging news in 2020. Industrial Unlike the rest of the UK, the market Mixed Use
the market are down – 35% from the properties had an exceptional over the past six years continues to 250
Office
2019 figure and 49% down on the five year with £29.57m of industrial be largely dominated by domestic
200 Other
year average, as investors are forced investment sales, making it the investors, with 34% of the market
to take stock and consider their busiest for industrial investment share being attributed to NI 150 Retail
options. sales in well over six years. investors. However, with 13% and 19%
£m
respectively, GB property companies 100
Since 2015, £717m worth of CRE and international investors continue 50
stock has transacted between to appreciate the value of the
investors in Belfast. This equates Northern Ireland market and are 0
to 101 deals. The largest deal in this still very much active across all 2015 2016 2017 2018 2019 2020
period was Wirefox’s purchase of asset classes.
Source: CBRE
CastleCourt in July 2017, a deal that
achieved a yield of some 6.41%. Other The past couple of years has started
large purchases included the £30m to see a shift with more foreign
UK Investment Volumes
purchase of John Bell House student money taking a look - and indeed
accommodation, UBS’s purchase of investing - in the Belfast CRE market.
Amazon’s Last Mile Distribution Hub With the expected growth in the 2500
at Titanic Quarter and the sale of the industrial and residential sectors, the 2000
Metro Office Building in September attention of foreign investment is
1500
2018 for £21.8m. likely to increase.
£m
1000
During March 2021, Merchant Square 500
sold to Albilad Capital for £87m, 0
reflecting an net initial yield of 5.20% 2015 2016 2017 2018 2019 2020
which is the largest office investment
and strongest yield achieved in the Belfast Birmingham Bistrol Edinburgh
Belfast market. This bodes well for Glasgow Leeds Liverpool Manchester
the future of the office sector in
the region. Source: CBRE/PropertyDataCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 33
Investment market
Investment returns & yields: • Further encouragement in the
• At an all property level, Belfast’s investment market can be taken
total return was 1.4%. Belfast’s from Belfast property yields in
office return was underpinned by 2020 were able to hold stable,
an income return of 7.5%. Belfast’s with only retail yields softening.
comparatively high overall income Averaged across the three main
return of 7.1% continues to make asset classes, Belfast’s property
the city a competitive property yields at the end of 2020 equated
investment destination in a pan- to 6.3%, putting it on a par with
European context. Bristol (6.28%).
Belfast Investment Yields
10
9
8
7
%
6 High Street
Shopping Centres
Retail Warehouses
5
Supermarkets
Offices
Industrial
4
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Merchant Square sold for £87m in March 2021, reflecting NIY of 5.2%
Source: CBRECommercial Real Estate Investment in Belfast Growth Ambition for the Future | 34
Investment market
Prime yields at the end of 2020
Belfast UK Regional Dublin
Cities
Retail
High Street Shops 7.50% 5.25% 7.50%
Shopping Centres 9.50% 7.00% 5.50%
Retail Warehouses (bulky) 8.00% 6.50% 5.75%
Office 5.75% 4.75% 4.00%
Industrial 5.75% 4.50% 4.75%
(Estates)Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 35 06 Office B market
Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 36
A resilient market
“ Rapid7 is committed to investing in the “The growth of our Belfast office has been “This move underlines the PwC Executive
company’s global expansion, particularly a remarkable success story which would Board’s confidence in Northern Ireland
in areas with impressive technical not have been possible without the as a location and the success of the firm
talent such as Belfast. Causeway Asset exceptional pool of talent here from both here. We will continue to grow in local,
Management understood our vision and legal and business backgrounds, which national and international markets from
expansion goals and truly partnered with has allowed us to create highly skilled Belfast, drawing on the technology skills
us to develop the right solution for our and specialised opportunities in Northern emerging from our schools, universities
future success in Belfast.” Ireland.” and colleges.”
Jamie Kinch James Richards Paul Terrington
Vice President of Real Estate & Workplace Experience Executive Director Northern Ireland Chair and Head of UK Regions
2020 5-yr
Prime Availability: take-up: average
rents: 763,000 140,911 take-up:
£23psf sq ft sq ft 482,322
sq ftCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 37
Office market
Demand supported by a range of occupiers Notable Deals
Merchant Square Erskine House
Belfast take-up 2019 vs five year average
Professional Creative Business
services industries services
37% 32% 17%
Size: 200,000 sq ft Size: 100,000 sq ft
Practical Completion: 2020 Practical Completion: 2019
Occupier: PwC Occupier: HMRC
The Ewart Allstate HQ, East Bridge St.
Five-year average Five-year average Five-year average
22% 20% 16%
Size: 209,000 sq ft Size: 138,225 sq ft
Practical Completion : 2021 Date: 2018
Occupier: Part let to Deloitte Occupier: Allstate Investment
(80,000 sq ft)Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 38
Office market
Overview: Developments: Notable Developments
The Belfast office market has been Office take-up has over the past few In recent years, over 670,000 sq ft The Weaving Works River House
the city’s strongest-performing years gathered momentum, with of office stock has been developed
sector in both take- up and notable deals including PwC taking and Belfast city centre has some
investment since 2015. Five-year over 200,000 sq ft at Merchant of the most modern, Grade A
annual office take-up average Square, the Department of Finance office buildings in the UK. Although
stands at 482,322 sq ft, remarkable taking 149,000 sq ft at 9 Lanyon speculative development has been
given that the 2011 – 2015 five- Place and HMRC taking over 100,000 limited over the last five years, most
year average equated to 319,000 sq ft at Erskine House. schemes have been fully leased
sq ft. Rising by almost 200,000 by practical completion. Recent
sq ft per year is no mean feat and The public sector was historically completed developments include Completed: 2017 Completed: 2018
is testament to the occupational the largest occupier in the office City Quays 2, River House, The Laser, Developer: Karl Group Developer: Castleforge Partners
market Belfast has, with modern market. However this situation Merchant Square and The Weaving Size: 30,528 sq ft Size: 78,000 sq ft
stock and low overheads attractive has significantly reduced over the Works.
to both occupiers and investors. years with a huge rise in the tech,
creative and professional service City Quays 2 Merchant Square
industries resulting in many global
organisations calling Belfast their
home.
Belfast office sector take-up Belfast office sector take-up
Banking & Finance
2011-2019 2020
10% Consumer Services & Leisure
16%
20% 24%
5%
Professional Completed: 2017 Completed: 2020
1%
0% Developer: Belfast Harbour Developer: Oakland Holdings
Business Servics
3% Size: 80,000 sq ft Size: 201,000 sq ft
14% Insurance
13% Public Sector
24% Tech
20% Manufacturing Industrial
44%
1% 0% & Energy
5%Commercial Real Estate Investment in Belfast Growth Ambition for the Future | 39
Office market
Historic UK Prime Office Rents
35 Belfast
Prime rents: Looking forward: Birmingham
The current rise in prime rents is Encouragingly, live requirements 30
Bristol
forecast to continue. Grade A rents for space in Belfast continue as Edinburgh
£psf
25
for Belfast equated to £23.00 per occupiers seek the benefit of the Glasgow
sq ft, up some 43% since 2015. This Belfast office market fundamentals. 20 Leeds
rapid rise in rental values is extremely These requirements, if fulfilled, would Liverpool
attractive to investors. However, at equate to some 1.4m sq ft. It should 15 Manchester
just £23psf for city centre Grade be noted that as of March 2021 2015 2016 2017 2018 2019 2020
Source: CBRE
A space, Belfast represents one of there is only 1.19m sq ft of available
the few major cities in the UK with office space but a further 723.629 Notable Belfast Office Investments
modern office stock at relatively low sq ft of office development due for Address Tenants Sq Ft Date Purchaser Price
prices. completion by the end of the year will Sold
help to satisfy demand.
Investment: Merchant Square PwC 240,204 Mar-21 International £87,000,000
Since 2015, deals worth more than Belfast has another 2.7m sq ft of
Victoria House, 15-27
£343.5m have been concluded, identified office developments which Gloucester Street
Various 58,254 Nov-19 Private Investor £12,500,000
most notably Citibank purchasing have obtained planning permission
The Gateway for £34m and The and could start in the medium term. The Gateway Offices CitiBank NA 133,205 Apr-19 International £34,350,000
Metro Building for £21.8m, Obel 68 The development pipeline offers a Department of Finance
selling for £15.2m in August 2018 great opportunity for investors to James House, Gasworks 111,488 Mar-19 Government £16,000,000
and Personnel
and James House selling for £16m secure best-in-class schemes over Metro Building, 6-9
in March 2019. Merchant Square the next five years and build critical Capita, Yell 69,611 Sep-18 Private Investor £21,800,000
Donegall Square
sold in March 2021 for £87m, the mass within the market.
Obel 68 Allen & Overy 52,169 Aug-18 Harbour Commissioners £15,200,000
largest office investment ever sold
in Northern Ireland and reflecting an With yields reflecting c5.75%, office Ulster Bank, Shaftesbury The Royal Bank of
35,631 Apr-16 Private Investor £9,890,000
initial yield of 5.20%. investments in Northern Ireland look Square Scotland Plc
well priced compared to other UK and Capital House Wellington Northern Ireland Water,
72,083 Jan-16 ROI Investor £11,050,000
European cities. Place/Upper Queen Street Diageo, Capita and Steria
The Soloist Building,
Pinsent Masons 88,000 Dec-15 UK Investor £14,500,000
Lanyon Place
Clare House, 303 Airport Department of Finance
66,210 Mar-15 Government £8,000,000
Road West and Personnel
Causeway Exchange, 1-7 Department of Finance
71,554 Feb-15 Government £12,150,000
Bedford Street, Belfast and Personnel
Source: CBRECommercial Real Estate Investment in Belfast Growth Ambition for the Future | 40
Demand for new space increasing
development activity
Belfast Take-Up Notable Developments
City Quays 3 Olympic House
1,000,000
800,000
600,000
Sq Ft
400,000
200,000
Completed: Q4 2021 Completed: Q4 2021
0
Developer: Belfast Harbour Developer: Titanic Quarter and
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Size: 260,000 sq ft Belfast Harbour
Source - CBRE
Size: 146,746 sq ft
The Ewart The Paper Exchange
Belfast Supply
1,600,000
1,400,000
1,200,000
1,000,000
Sq Ft
800,000
600,000
400,000 Completed: Q4 2021 Completed: Q1 2022
200,000 Developer: MRP Developer: Wirefox
Size: 209,000 sq ft Size: 156,000 sq ft
2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020
H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1
Source - CBRE
Secondhand New & pre-letCommercial Real Estate Investment in Belfast Growth Ambition for the Future | 41
Thought piece -
The growth of tech
It is estimated that around 60,000 among its partners. Belfast is the Both Queen’s University Belfast
people are employed by technology world’s number one destination for and Ulster University are investing
companies in Belfast, making it one US-based cybertech investment heavily in electronics, computer
of the leading cities in Europe for new and is fast becoming a global cyber sciences and cybersecurity. The
software development. The wider security hub. This sector employs region is expanding its economic
Northern Ireland tech ecosystem can over 1,200 people. With a pipeline development efforts, with the
lay claim to over 1,200 companies, of talent, pioneering research and Northern Ireland Executive publishing
ranging from large multi-nationals to innovation and secure and resilient its New Decade, New Approach
small start-ups. It is home to global infrastructure, it will be one of the agreement, which included a call to
businesses in financial software, world’s leading cyber economies by promote the region as a global cyber
data analytics and encryption, 2026. security hub.
access control systems, and
intelligent surveillance technologies: These tech companies have The £1bn Belfast Region City Deal will
with occupiers such as Concentrix, excellent reasons to be based in also play a substantial part in growing
Rapid7, Neueda and Proofpoint all Belfast. Not only does it represent the tech sector even further.
taking new office space in recent competitive value for money, but it
years. is one of the most technologically
advanced cities in the UK. Belfast has
Supporting all these businesses invested heavily in infrastructure that
is a strong network of regional supports tech companies.
and UK government investment
programmes and world-class Add to this an exceptionally
academic institutions. Queen’s talented, young and highly-educated
University Belfast is globally- workforce, and it becomes apparent
renowned for its Centre for Secure why the business start-up survival
Information Technologies (CSIT), an rate in the city is 55.3%, one of the
innovation and knowledge centre highest in Europe. Belfast has in
for cyber security and the largest place all the elements needed to
of its kind in the UK, with BAE grow and nurture a thriving tech
Systems, Infosys, IBM and Thales community.
New offices at Chichester House for cyber-security company Rapid7You can also read
