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21/04/2015
Scheme To Launch To Ensure Adequate Grade A Office Accommodation
Invest NI plans to launch a scheme to ensure there is adequate Grade A office accommodation to meet firms needs.
The announcement comes following a report commissioned by Invest Northern Ireland to establish the nature and extent of market failure in the commercial and industrial property market.
Enterprise, Trade and Investment Minister Arlene Foster said: "The availability of suitable office accommodation is an important part of Northern Ireland’s investment proposition, as is the ability to offer variety and choice to potential investors, both local and international.
"The report has shown that demand for Grade A office accommodation has remained relatively steady over the past three years but, with limited new development taking place, the supply has fallen.
"The lack of development may be due to constraints on bank lending to fund Grade A office space developments. Recent increases in office rents should improve the financial viability of projects and help encourage both developers and funders to re-enter the market."
(CD/MH)
The announcement comes following a report commissioned by Invest Northern Ireland to establish the nature and extent of market failure in the commercial and industrial property market.
Enterprise, Trade and Investment Minister Arlene Foster said: "The availability of suitable office accommodation is an important part of Northern Ireland’s investment proposition, as is the ability to offer variety and choice to potential investors, both local and international.
"The report has shown that demand for Grade A office accommodation has remained relatively steady over the past three years but, with limited new development taking place, the supply has fallen.
"The lack of development may be due to constraints on bank lending to fund Grade A office space developments. Recent increases in office rents should improve the financial viability of projects and help encourage both developers and funders to re-enter the market."
(CD/MH)
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