MIPIM 2016: Belfast has a critical need for offices, according to the city council’s chief executive Suzanne Wylie.
The city has been successful in attracting foreign businesses and, with the corporation tax set to reduce in 2018, Wylie believes that will increase.
Office rents have risen from £15 per sq ft to £17 per sq ft, and by the end of the next financial year that is expected to rise to £20 per sq ft.
Wylie believes that rents of £17-£18 per sq ft makes office development viable without public assistance.
“We believe Belfast is ripe for development – we are on the cusp of another development wave in the city. We’ve been successful for foreign direct investment, big American companies coming in and also extending their office bases in Belfast, and that is only going to grow with our corporation tax reduction confirmed for 2018,” she said.
Visitor numbers are also on the increase and the council has approved plans for eight new hotels.
International hit TV show Game of Thrones has its studio base in the city as well as a number of other shows and films such as The Fall.
Wylie believes this is one factor that is increasing Belfast’s and Northern Ireland’s tourism business.
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