The report, the second annual Belfast Crane Survey produced by Deloitte Real Estate, shows a total of 25 schemes under construction in the city centre – 22 of which are set for completion in 2018. This compares with 19 schemes under construction in the city centre a year ago. The total includes eight new hotels, seven office developments, four student accommodation projects, three residential developments, two new educational facilities and one retail/ leisure scheme.
Simon Bedford, Partner in the Deloitte Real Estate practice, said, “Belfast has been enjoying a surge in tourism in recent years and reflective of this, hotel developments continued to be central to Belfast’s story in 2017. There are over 1,000 new hotel rooms currently being built and all are due to complete in 2018. The new hotel openings will create an exciting period for the city and substantial employment opportunities.”
Last year also saw work commence on 194,787sqft of new office space across five developments. This brings the total office space under construction to 453,385sqft. Almost half (46.5%) of that is the significant refurbishment of existing office space.
While no new student accommodation projects broke ground in 2017, work is ongoing on five major schemes that will provide more than 2,000 purpose-built units for students of Queen’s University and Ulster University. Construction continues on 840,000sqft of new education space in the city.
Residential development in the city centre grew at a slower pace than other sectors, with 180 new residential units currently under construction.
To read the full report, visit www.deloitte.co.uk/belfastcranesurvey