Billboards screaming "to lease/for sale" appear to be sprouting at an alarming rate from some of the most prestigious new office developments coming on the market in Belfast and from refurbished properties in some of the city's top commercial locations.
Last year Belfast saw a record level of activity in the office market both in terms of take-up and in the number of major deals completed by developers.
Since the first ceasefires in 1995, the city's profile as an investment location has been gradually improving. Although the massive investment dividend that many expected the peace process to deliver never quite materialised, Belfast has enjoyed its fair share of new investment and new jobs. Huge construction cranes have become a familiar part of the city's skyline in recent years, first as the rush to create office accommodation for potential new investors got under way and then for the potential spill- over to Northern Ireland from the Celtic Tiger.
The result, according to Mr Brendan McHugh, chief executive of Investment Belfast, is that the city now has one of the best portfolios of high-quality office accommodation at some of the most keenly priced rents in the UK.
But a new survey carried out by Lambert Smith Hampton, the Belfast-based property consultants, shows that demand and take-up on office accommodation has fallen from last year's dizzy heights.
"There has been some slowdown due to the nervousness of the market following the downturn in the American economy and the terrorist attacks on September 11th," said Mr Keith Shiells, chief executive of the property group. "According to our figures, some 725,000 sq ft of office space was let during 2000 - nearly 80 per cent was earmarked for the private sector but we believe demand and resultant take-up for 2001 is down on last year," Mr Shiells said.
The fact that the number of inward investment projects has also fallen and is expected to decline further next year could add to the number of to lease/for sale signs adorning Belfast's empty high-rise developments.
