A review of NI's commercial property industry

Whilst the weather was something to forget this summer our local Olympians certainly made it one to remember. The most successful Olympics ever for athletes from Northern Ireland will long be remembered and celebrated and as I write our Paralympians could make it better still. It is however not just in respect of sporting achievement that this part of the world has a tradition of ‘punching above its weight’.

With back to school upon us and autumn nights approaching, the local property calendar turns its attention to the Belfast Telegraph Property Awards and there is much to celebrate in the local market which I am sure other parts of the UK and Ireland must be envious of.

The last twelve months have seen significant projects starting, nearing completion and getting the green light at planning. To name but a few we have seen the commencement of The Loft Lines in Titanic, the completion of Belfast Grand Central Station within the approved Weaver’s Cross Master Plan, Studio Ulster about to open its doors and work commencing on the QUB iREACH research buildings at Belfast City Hospital as well as a plethora of exceptional student accommodation adding to an almost constant changing Belfast city skyline.

In a record turnover year for our firm our Real Estate, Banking, Construction and Planning Teams have been exceptionally busy and continue to be involved in key development and infrastructure projects not just in Belfast (including each of those mentioned above), but across the province and beyond.

Whilst there is evidence of increased activity and much to remain optimistic about, every developer client I know would agree challenges remain during the planning consultation stage and current capacity limitations on existing drainage infrastructure present a major restriction. . Improvements in those areas may be on the horizon but their resourcing remains uncertain, and the industry is still experiencing a political hangover from the Assembly’s sabbatical. A case in point being our legislative framework on environmental issues lags behind that of our nearest neighbours (in all directions).

Whilst challenges remain and significant steps will be needed to get close to government environmental goals it is important to take stock as to how far things have changed and been improved upon, and the Belfast Telegraph Awards provide this opportunity. For those of us who have been acting in commercial property for the last 25 plus years it is evident there has been a huge improvement in the quality and range of our commercial developments and new build homes in Northern Ireland.

Carson McDowell is again delighted and proud to sponsor this year’s Commercial Property Development of the Year Award and our team looks forward to celebrating with the finalists in October.

Like our local Olympians and Paralympians there is continual challenge to deliver and improve upon our personal bests, whatever our discipline is in the property sector, but considering the quality of entrants at this year’s awards, being part of world class innovative ground-breaking projects is something this small part of the world appears to do very well!