Why Belfast? Why Now?The tax, talent & technology story making investment in Belfast compelling right now

Belfast office investment opportunity

2016 | Northern Ireland

© 2016, CBRE Ltd.

II

Cover Images, clockwise from top: Harland & Wolff Cranes on the Belfast Skyline | Gateway Office Building, Titanic Quarter Beacon of Hope, Thanksgiving Square | Arnott House, Bridge Street | Waterfront Plaza | The Boat, Queen’s Square

“CBRE is delighted to publish this report promoting

the investment opportunities within the Belfast office

market. We have been working closely with Belfast

City Council and the other Northern Ireland councils

to ensure the region is best placed to capitalise on the

reduction in Corporation Tax to 12.5% from April 2018.

From this date Northern Ireland will be the only Sterling

region to offer this reduced rate which in our view is

a key game changer in highlighting our competitive

advantage. We anticipate the benefits to the property

sector will be significant and as our Outlook 2016

outlined, the demand for Grade A office space in

particular will continue apace.”

“There has never been a better time to invest in Belfast.

With the burden of Nama debt largely lifted, the

reduction of corporation tax to 12.5% by 2018 and

regional developers and investors back in the market,

we believe that a target of £1 billion worth of investment

and the creation of tens of thousands of jobs is within

our reach. We can transform the city and move it on to a

new level to be competitive on a global stage.”

Brian Lavery, Managing Director, CBRE Northern Ireland

Suzanne Wylie, Chief Executive, Belfast City Council

© 2016, CBRE Ltd.

2 WHY BELFAST? WHY NOW?

Why Belfast? Why Now?

Capital City:BELFASTapital City:

Metropolitan Area population

671,0001

Population of 1.8 million

- one of Europe’s youngest & fastest

growing1

TWO airports serving Belfast:

Belfast International & George Best Belfast

City Airport

Currency / Tax:

£ Sterling

Time Zone:

GMT (+0.00)

Unemployment Rate

5.8% (Dec 2015)2

1 CSO / NISRA (Northern Ireland Statistics & Research Agency) 2 NISRA (Northern Ireland Statistics & Research Agency)

3

BELFAST CITYBelfast, the capital of Northern Ireland is the 15th largest city in the United Kingdom, but the 11th largest conurbation. The city is located approximately 165 km (103 miles) north of Dublin and 120 km (75 miles) south east of Derry-Londonderry.

Belfast has an excellent infrastructure network. The M2 motorway provides access to the north towards Antrim and Derry and the M1 motorway provides access to the south and west of the Province towards Lisburn and Dublin.

The city benefits from four railway stations and the Belfast to Dublin train route has a journey time of approximately 1 hour 50 minutes. The two airports, George Best Belfast City and Belfast International, provide access to all major UK cities and a large number of international destinations including New York, Paris, Rome, Geneva, Barcelona, Amsterdam, and Salzburg.

Northern Ireland’s employment rate has increased consistently over the past few years. Current unemployment rate stands at 5.8% (Dec 2015) which is significantly below the Republic of Ireland of 9.0% and EU rate of 10.4%. Over 60% of Belfast’s total population is of working age. Belfast is a young city, with 18.6% of the population under 16 years old (2011 census).

The wider Belfast Metropolitan Area has a population extending to approx. 671,0001. As the

largest commercial centre in Northern Ireland, Belfast has developed into one of Ireland’s premier business cities and has the largest employed population in the region. In the last few years Belfast has been extremely successful in attracting Foreign Direct Investment driven primarily by a highly skilled and educated employment base, competitive operating costs and advanced telecoms infrastructure.

A report by FDI Intelligence, FDI European Cities & Regions of the Future 2016, ranked Belfast as 9th in the Small European Cities of the Future 16/17.

Belfast was also ranked 1st for Business Friendliness, 8th for FDI Strategy, and 10th for Economic Potential. Other Cities listed included Luxembourg, Cambridge, Aberdeen, Reading and Cork amongst others.

SUMMARY, OVERVIEW

© 2016, CBRE Ltd.

4 WHY BELFAST? WHY NOW?

Belfast – Key Facts

Workforce • Unemployment rate of 5.8% (Dec 2015) 2

• NI’s population of 1.8 million is one of Europe’s youngest and fastest growing

• Belfast Metropolitan Area has a population of 671,000 3

• 44% of the population is aged under 30 2

• 55% of the population is aged under 40 2

• 60% of the population is of working age (16-64)2

• Labour turnover is less than 8%2

IT Infrastructure

• Europe’s fastest direct fibre optic link to North America known as Project Kelvin

• Direct fibre access to North America, Great Britain and the Republic of Ireland

• Open access fibre network

• Direct Tier 1 Internet access

• The first region in Europe to achieve 100% broadband coverage

Education • Northern Ireland’s education system is among the best performing in Europe

• The best performing education system for primary maths in Europe and the 6th best in the world4

• Some 75% of school leavers go on to further and higher education5

• Supporting these academic achievements are two world leading universities, Queen’s University Belfast and the Ulster University

3 CSO/ NISRA (Northern Ireland Statistics & Research Agency)4 2012 US Study – TIMSS and PIRLS Report5 Invest NI

5

Transport • First-rate road network has minimal levels of congestion and brings most of Europe within 24-48 hours

• Belfast is serviced by two main airports, George Best Belfast City and Belfast International Airport

• Almost 30 daily flights to London and a daily direct connection to New York

• Belfast is only one hour from London by air and two hours from Dublin by rail and road

DERRY

LISBURN

NEWRY

STRABANE

OMAGH

ENNISKILLENARMAGH

PORTADOWN

BANBRIDGE

DUNGANNON

COOKSTOWN

MAGHERAFELT

BALLYMENA

ANTRIM

BALLYMONEY

PORTRUSH

LIMAVADY

PORTSTEWART

COLERAINE

BALLYCASTLE

LARNE

CARRICKFERGUS

NEWCASTLE

BELFAST

DOWNPATRICK

FAIR HEAD

TO DUBLIN

LARNE

BELFAST

Motorway

Dual Carrigeway

Rail Network

Airport

Ferry / Port

A1

M1

M1

M2

KEY FACTS

© 2016, CBRE Ltd.

6

7

Tax – A Game Changer?

Northern Ireland Corporation Tax rate reducing to 12.5%, effective from April 2018The date and rate of corporation tax has been set as 12.5% from April 2018 and Belfast is already seeing the impact.

As of April 2018, Northern Ireland is expected to be the only region in the UK to offer this 12.5% lower rate, matching that of the Republic of Ireland.

The work to ensure that the region is poised to derive maximum benefit from this significant change has already commenced and will continue in earnest in 2016/2017 to ensure that the necessary buildings, infrastructure, labour force and skillsets are available by the time it is implemented as planned in April 2018.

Evidence shows that the Republic of Ireland economy has benefitted significantly as a result of being able to offer a 12.5% corporation tax rate which it first introduced in 2003. As well as matching the Republic’s 12.5% corporation tax rate, Northern Ireland already offers more competitive wages, costs and personal taxes. Belfast is therefore extremely well-placed to compete with Dublin and other leading European cities for new FDI.

It is anticipated that this lower rate of corporation tax will greatly increase the amount of FDI coming into NI. Ulster University’s Economic Policy Centre estimates lower corporation tax will result in 33,000 new jobs by 2033.

This unique position will ensure Northern Ireland has competitive advantage within the UK as well as parity with the Republic of Ireland.

“Investing in Northern Ireland

makes good business sense.”David Cameron, UK Prime Minister (Investment Conference, Belfast, October 2013)

Northern Ireland*

Republic Of Ireland

Switzerland

Poland

United Kingdom

Sweden

Denmark

Netherlands

Norway

Spain

Greece

Germany

Italy

France

United States 40%

33.33%

31.4%

29.65%

29%

28%

27%

25%

23.5%

22%

20%

19%

17.92%

12.5%

12.5%

0% 50%25%

Figure 1: Corporate Tax Rates Compared, KPMG

*Proposed Corporation Tax Rate in Northern Ireland

© 2016, CBRE Ltd.

8

9

Talent

Northern Ireland’s education system is among the best performing in Europe.According to a recent major survey,6 Northern Ireland has the best performing education system for primary maths in Europe, and the sixth best in the world. For primary reading meanwhile, it is the second best in Europe. Some 75% of school leavers go on to further and higher education. Supporting these academic achievements are two world leading universities, Queen’s University Belfast and the Ulster University.7

A recent CBRE report, Law in the Regions February 2016, highlighted Belfast as a key near shoring location, as a consequence of the quality of university graduates coupled with attractive occupational costs. Belfast has been very successful in securing relocations from a number of major international legal firms including Allen & Overy, Baker & McKenzie and Herbert Smith Freehills.

As the capital city of NI, Belfast has one of the best performing education systems in Europe, with many of NI’s grammar schools outperforming other secondary schools across the continent. Students consistently outperform other UK regions at GCSE and A-level. More than 7,000 students graduate annually with business related degrees from Northern Ireland’s two universities.

Belfast is a city brimming with talent. The City has three main universities and colleges, Queen’s University Belfast, Ulster University and Belfast Metropolitan College and collectively the city has a combined figure of 45,000 students in third level education.8 Queen’s University Belfast in particular is over 100 years old; it is a Russell Group university and is currently ranked in the top 1% of universities worldwide and ranked number 31 in the Sunday Times ‘Good University Guide’ of UK universities.

Firms investing in Belfast have been won over by the ample supply of high calibre professional services talent from which to choose. The strong general standard and reputation of education in the area is highly valued by large corporations that have set up a base in Belfast.

6 2012 US Study – TIMSS and PIRLS Report7 Invest NI8 Belfast City Council Development Department

Chasing the talent in Belfast

“One of the main drivers for

selecting Belfast was the

availability of legal talent in

Northern Ireland and the fact

our two universities produce

an abundance of talented and

ambitious legal graduates every

year.”Lisa McLaughlin, Herbert Smith Freehills, CBRE Core Cities Report 2016

As part of a CBRE study into why large law firms are choosing to locate some operations into the UK regions, we interviewed three large law firms in Belfast. All three acknowledged that the quality of the talent pool in the city was a key ‘pull factor’ in their final location decision. Baker and McKenzie told us: ‘We chose Belfast as much for quality of talent as we did for cost.’

The strong provision of both legal and professional services talent has proved a winning combination for Belfast. Legal firms are impressed by the reputation and standard of the two universities (Ulster University and Queen’s University Belfast), which are delivering between 500 and 600 law graduates to the market each year.

As well as the legal talent on offer firms were also won over by the ample supply of high calibre professional services talent from which to choose. The strong general standard and reputation of education in the area was highly valued by the firms and highlighted in all of the conversations we had.

© 2016, CBRE Ltd.

10

11

Technology

Northern Ireland has one of the fastest growing Tech clusters in the UK. Clusters include Citigroup, SR Labs, CME Group, Liberty Mutual and Fidessa as well as locally based companies such as First Derivatives and Kainos.Belfast has been described by the FT as having become a “thriving node in the complex network that is the modern international financial market”. Large corporations are attracted by Northern Ireland’s highly educated workforce which is inexpensive compared with other English-speaking financial centres. It is the world’s number one destination for financial technology investments.

The FinTech industry is flourishing in Belfast and has grown to 33,0009 people across sectors such as banking, capital markets and insurance. Influential companies across these sectors that are based in Belfast include Citigroup, Barclays, Santander, Heritage, Cowen Group, Euronext, SR Labs, CME Group, AXA, Prudential, Allstate, Liberty Insurance, Mercer and Metlife.

A new entrant to Belfast is Chicago’s CME Group, the world’s largest futures exchange operator. The company opened an office in Belfast and currently employs over 150 people. Likewise, Citigroup, which is based in Belfast’s Titanic Quarter is one of the largest employers in Belfast and trades about 10% of its total foreign exchange business from the city, utilising a direct fibre link to the US.

Belfast is Europe’s top destination city for new software development projects. Investors include Allstate, CyberSource, Fujitsu and Kana. Leading US cyber security companies including Rapid7, WhiteHat Security, IBM and Proofpoint have opened operations in Northern Ireland. CSIT, the Centre for Secure IT, at Queen’s University Belfast is the UK Innovation Knowledge Centre (KC) for secure IT. The first Google Innovation Lab in Europe will be opened in Belfast in a partnership between PwC and Google.

“Everything considered,

Northern Ireland has the

best combination of talent,

cultural alignment, work ethic,

attitude and cost-base to be

found anywhere.”

Bro McFerran, MD, Allstate

“The region affords us the

opportunity to recruit

high calibre graduates and

professionals and Belfast’s

excellent telecommunications

infrastructure make Northern

Ireland an ideal location for

us.”Jeremiah Grossman, CEO, WhiteHat Security

9 Invest NI & FT article ‘Finance hub is flourishing as Belfast puts troubles in past – Phillip Stafford’ - 27th Jan 2016

© 2016, CBRE Ltd.

12

DARK HEDGES, CO. ANTRIM

13

Belfast Life & Culture

In 2015 Northern Ireland was named as the happiest place to live in the UK in Cameron’s ‘Happiness Index’. Residential prices are the most competitive in the UK and Ireland and this combined with an affordable cost of living, a lack of congestion and a prime education system, make Northern Ireland a great place to live.

Belfast is now recognised as a key location for international film makers with key internationally-renowned titles filmed in the city including ‘Game of Thrones’, ‘Dracula Untold’, ‘The Fall’ and ‘Good Vibrations’. Titanic Studios is one of the largest and most modern film and television production studios in Europe.

HBO has filmed six series of ‘Game of Thrones’ in the Titanic Studios, which has been widely reported across international media. The first series alone created 800 jobs, attracted £30 million into the local economy and promoted a promise of a further £7.6 million of investment from the Stormont Executive to support the film industry in Belfast.

2016 is the Year of Food and Drink in Northern Ireland. Food and drink accounts for 20% of Northern Ireland’s exports, and the region is home to renowned international brands such as Bushmills Whiskey (the oldest licensed whiskey distillery in the world) and Moy Park, which gained widespread coverage through its sponsorship of the FIFA World Cup in 2014.

Dark Hedges, Co. Antrim The Dark Hedges are among the most photographed natural phenomena in Northern Ireland. This breathtaking avenue of beech trees was planted by the Stuart family in the 18th century.

In ‘Game of Thrones’: The King’s Road The avenue is featured as the main route north from King’s Landing. This is the road taken by Arya Stark when she escapes the city disguised as a boy in season two.

Table 1: Resi Price Index

Location

AveragePrice

Q4 2015

Average

Price Q1-

Q4 2015

Northern Ireland - All £154,685 £149,449

Belfast - All £169,817 £159,709

North Belfast £101,223 £100,595

South Belfast £209,927 £199,347

East Belfast £191,465 £174,766

West Belfast £118,461 £120,203

North Down £180,894 £177,296

Lisburn £198,354 £182,355

East Antrim £102,826 £119,637

L’Derry / Strabane £90,451 £105,131

Antrim / Ballymena £130,192 £123,774

Coleraine / Limavady / North Coast £147,853 £148,691

Enniskillen/Fermanagh / S.Tyrone £121,440 £136,575

Mid Ulster £124,095 £123,994

Mid and South Down £154,114 £146,360

Craigavon / Armagh £127,870 £125,491

Source: Bank of Ireland Quarterly House Price Survey Q4 2015

© 2016, CBRE Ltd.

14

The Beginning of The Office Development CycleThe Belfast office market offers significant opportunity for investment and development. Belfast as an office location is still one of the most affordable in the UK and offers strong fundamentals for both rental and capital growth. There is an expectation that the number of office projects entering the development process during 2016 will increase as the viability of new projects improves in line with rental growth forecasts.

2017 will see the completion of many of the larger office schemes currently under way. This will put upward pressure on rental values with a number of developers/landlords increasing quoting rents to £18.00 - £20.00 per sq. ft. for Grade A accommodation. Several large office occupiers have significant lease expiry events during 2016 and 2017, which is expected to drive further occupier demand.

Figure 2: Employee and real estate costs, City of London and other selected UK cities, 2015

Source: CBRE Research

£ per sq. ft. per employee

City of London

Aberdeen

Edinburgh

Glasgow

Manchester

Bristol

Birmingham

Leeds

Liverpool

Belfast

70,00060,00050,00040,00030,00020,00010,0000

Real estate costs

Employee costs

The supply of Grade A is constrained

with only 164,000 sq. ft. and will further reduce

during 2016. No new stock to be

delivered during the year.

Prime office yields contracted from 7.5% in Q1 2014 to 6.00% which

reflects a discount to other UK regions

and ROI

Rents have grown from £12.50 in Q1

2014 to £17.00 with room for further

substantial growth

Current annual Grade A demand of

500,000 sq. ft. is anticipated to increase

significantly after corporation tax

reduction

Rents Demand

Yields Supply

15

Supply

There was approximately 859,000 sq. ft. of available accommodation in Belfast at the end of H2 2015, down 46,000 sq. ft. over six months however only 164,000 sq. ft. is considered Grade A. The Grade A stock that is available is highly fragmented and will be reduced further early in 2016 as a number of deals currently in legals complete. David Wright Head of Office Agency CBRE Belfast comments, “Limited supply and constrained development pipeline will continue to put upward pressure on rental levels.”

Belfast Harbour Commissioners have started on site at City Quays 2 which will deliver 96,000 sq. ft. of Grade A space to the market in Q1 2017.

The two major planning applications submitted during 2015 (McAleer & Rushe – 200,000 sq. ft. at Bedford Square and Stargime – 80,000 sq. ft. at Custom House Square) are still to be determined by Belfast City Council.

CITY QUAYS 2, BELFAST

BEDFORD SQUARE, BELFAST OLYMPIC HOUSE, BELFAST

© 2016, CBRE Ltd.

16

Total transactions for the full year in 2015 totalled to 309,543 sq. ft. Key transactions include:

• Belfast City Council 100,000 sq. ft. Adelaide Street

• WhiteHat Security 9,186 sq. ft. Linenhall Building

• PwC 21,200 sq. ft. Waterfront Plaza

• CBRE 5,305 sq. ft. Linenhall Building

• Cayan 22,800 sq. ft. CQ1

• Rapid7 11,307 sq. ft. Arnott House

Demand – Grade A Office

CITY QUAYS 1, CITY QUAYS, BELFAST – 28,000 sq. ft. let to Baker McKenzie and 22,000 sq. ft. let to Cayan

WATERFRONT PLAZA, BELFAST – Letting of 21,200 sq. ft. to PwC

ARNOTT HOUSE, 12-16 BRIDGE STREET, BELFAST – 11,300 sq. ft. let to Rapid7

We anticipate demand to increase in 2016 to over 500,000 sq. ft. with current occupier requirements from Deloitte, Government (HMRC), KPMG, Liberty IT, Regus, Barclays, AECOM, BDO and Carson McDowell Solicitors.

Existing requirements coupled with a number of high profile lease events taking place over the next 24 months and continued shortage of Grade A space will lead to further rental growth in the city.

17

BRUNSWICK HOUSE, BELFAST

Headline Rents at the end of H2 2015 reflected £16.00 per sq. ft. and we expect rents to continue to increase to £18.00 per sq. ft. by year end 2016 and £20.00 per sq. ft. by the end of 2017.Rental increases are being driven by occupier demand, lease events and limited supply of quality accommodation.

Even at projected rental levels, Belfast will still remain one of the most competitive locations when compared to every other major city on the British Isles.

Rents

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

Q4 2

006

Q2 2

007

Q4 2

007

Q2 2

008

Q4 2

008

Q2 2

009

Q4 2

009

Q2 2

010

Q4 2

010

Q2 2

011

Q4 2

011

Q2 2

012

Q4 2

012

Q1 2

014

Q4 2

013

Q2 2

014

Q4 2

014

Q2 2

015

Q4 2

015

Q2 2

016(F

)

Q4 2

016(F

)

£ pe

r Sq

Ft

Rentsto reach

£18per sq ft by

year end

Table 2: Office Rents Benchmarking Analysis

Figure 3: Prime Headine Office Rents, 2006 - 2016 (f)

Location Rent (£ per sq. ft.) Rent (€ per sq m) Rent (£ per sq. ft.)

Dublin 592.00 40.50

Aberdeen 467.47 32.00

Belfast 233.73 16.00

Birmingham 438.25 30.00

Bristol 416.34 28.50

Edinburgh 452.86 31.00

Glasgow 430.95 29.50

Jersey 496.69 34.00

Leeds 387.12 26.50

Liverpool 299.47 20.50

London - Central - City 1,000.67 68.50

London - Central - West End 1,753.01 117.50

Manchester 496.69 33.00

South East Markets 511.29 35.00

Southampton 284.86 19.50

Source: CBRE Research

Source: CBRE Research

© 2016, CBRE Ltd.

18

Investment

Over £400m was transacted across all sectors of the Northern Ireland investment market making 2015 another busy year. One of the key differences in 2016 will be a somewhat lower volume of transactional activity as the market moves back to more normalised trading levels following two years of deleveraging activity. As deleveraging efforts wind down, it is inevitable that a greater proportion of transactional activity in the investment market in Northern Ireland in 2016 will emanate from secondary trading, as some recent buyers such as private equity firms implement their exit strategies and many of the assets and loan portfolios purchased over the last number of years are re-traded and re-financed.

However, with the investment market in the region now predominantly core as opposed to opportunistic, it is clear that in addition to acquiring additional assets, investors are increasingly focussing on maximising income generation from existing assets and exploring potential development opportunities.

In addition to an increasing number of investors seeking to move up the risk curve into alternative asset classes and sectors in order to enhance returns, we envisage much greater emphasis on higher-yielding development projects as the year progresses with particular focus on office schemes. We therefore envisage an increase in forward-funding transactions emerging this year.

We look forward to continued improvement in the availability and cost of debt funding for prime income-producing investment properties over the course of the next 12 months.

However, we expect that the availability and cost of debt funding for secondary and relatively small lot sizes will remain constrained and prohibitively expensive for some time yet. We also expect the availability of debt funding for speculative development to remain elusive for the time being, other than where pre-lettings have been secured.

With the exception of the office sector, which may see yields strengthening a little in the second half of the year due to rental growth expectations in this sector, we expect yields in

Figure 4: Prime Investment Yields Northern Ireland 2005 - 2015

Figure 5: Investment By Sector Northern Ireland 2010 - 2015

Source: CBRE Research

Source: CBRE Research

Prime

Yield

%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Q1 20

05

Q3 20

05

Q1 20

06

Q3 20

06

Q1 20

07

Q3 20

07

Q1 20

08

Q3 20

08

Q1 20

09

Q3 20

09

Q1 20

10

Q3 20

10

Q1 20

11

Q3 20

11

Q1 20

12

Q3 20

12

Q1 20

13

Q3 20

13

Q1 20

14

Q3 20

14

Q1 20

15

Q3 20

15

Prime Retail

Prime Office

Prime Industrial

0

100

200

300

400

500

600

£ milli

on

Leisure Industrial Retail Offices

2010 2011 2012 2013 2014 2015

Other

THE LINENHALL BUILDING, 32-38 LINENHALL STREET, BELFAST – Lettings to CBRE and WhiteHat Security

19

Table 3: Yield % Benchmarking Analysis

Location Yield %

Dublin 4.65

Aberdeen 6.00

Belfast 6.00

Birmingham 5.25

Bristol 5.25

Edinburgh 5.25

Glasgow 5.50

Jersey 6.25

Leeds 5.50

Liverpool 6.75

London - Central - City 4.00

London - Central - West End 3.50

Manchester 4.75

South East Markets 5.75

Southampton 6.00

Northern Ireland to remain relatively stable over the course of 2016.

As a result, the region will remain comparatively attractive relative to other regional cities in the UK, which in turn should drive continued appetite for prime investment opportunities in the region. With occupier activity predicted to benefit significantly from a proposed reduction in Corporation Tax in the region from 2018, Northern Ireland will offer a compelling investment opportunity for investors, including some new overseas entrants.

The Northern Ireland investment yield arbitrage to other UK regions coupled with the current low interest rate environment will continue to fuel investor activity over the short to medium term. When interest rates start to increase, as they ultimately will, they are not expected to rise dramatically. The gap between bond rates and commercial real estate returns will therefore remain elevated for some time.

Prime office yields in Belfast currently reflect 6.00%.

Source: CBRE Research

GATEWAY OFFICE BUILDING, TITANIC QUARTER, BELFAST

LYNDON COURT, 32-38 QUEEN STREET1

2 OLIVE TREE HOUSE, 23 FOUNTAIN STREET

3 ROYAL EXCHANGE, ROYAL AVENUE/NORTH-EAST QUARTER (41-51)

ERSKINE HOUSE, 20-36 CHICHESTER STREET, 7-9 ARTHUR PLACE, 28-36 ARTHUR STREET

4

5 NORTH YARD OFFICES, TITANIC QUARTER

6 OLYMPIC HOUSE, TITANIC QUARTER

CITY QUAYS BUSINESS CENTRE, BALLASK QUAY7

8 G5 BUILDING, 102-127 GROSVENOR ROAD

9 FINANCIAL SERVICES CENTRE, TITANIC QUARTER

83-87 CASTLE STREET10

11 5-7 LITTLE VICTORIA ST & 23-29 BRUCE STREET

12 CITY QUAYS 2, CITY QUAYS

CHANCERY HOUSE, 89 CHICHESTER STREET/88 VICTORIA STREET

13

14 WINDSOR HOUSE, 9-15 BEDFORD STREET

ARTOLA HOUSE, 91-97 VICTORIA STREET 16

17 48-50 GREAT VICTORIA STREET

18 INNOVATION CENTRE, QUEENS ROAD, TITANTIC QUARTER

FORMER IRELAND BROS. BUILDING / LINEN LOFT, 27-33 ADELAIDE STREET

19

21 ALFRED HOUSE, 19-21 ALFRED STREET

22 BRUNSWICK HOUSE, 5-7 BRUNSWICK STREET

QUEEN’S SQUARE, 4 QUEEN’S SQUARE 23

24 BEDFORD SQUARE AND EWARTS WAREHOUSE, BEDFORD STREET

CLARENCE GALLERY, 26 LINENHALL STREET 25

26 CORPORATION STREET, CORPORATION STREET/TOMB STREET

27 NORWICH UNION HOUSE, FOUNTAIN STREET/CASTLE STREET

MAY STREET, 29 MAY STREET28

29 GAS WORKS, CROMAC PLACE

30 BELFAST TELEGRAPH BUILDING, 124-144 ROYAL AVENUE15 LESLEY HOUSE, 25-27 WELLINGTON PLACE

20 66A GREAT VICTORIA STREET

SITES WITH PLANNING GRANTED

SITES WITH PLANNING PENDING

Belfast City Centre

Source: CBRE Research

7

8

10

9

22

23

5

4

19

24

14

13

6

2

1

15

16

17

18

3

21

11

12

29

25

28

27

26

30

20

PLANNING PENDING: 891,023 SQ FT

PLANNING GRANTED: 1,910,371 SQ FT

Office Developments

Contacts

For more information about the information contained in this report, please contact:

Brian Lavery Managing Director, CBRE Belfast +44 (0)28 9043 6741brian.lavery@cbre.com

Gavin Elliott Director, Capital Markets +44 (0)28 9043 6750 gavin.elliott@cbre.com

Andrew Coggins Director, Capital Markets +44 (0)28 9043 6915 andrew.coggins@cbre.com

David Wright Director, Office Agency +44 (0)28 9043 6745 david.wright@cbre.com

www.cbre.co.uk/ni

Robert Ditty Senior Director, Capital Markets +44 (0)28 9043 6917 robert.ditty@cbre.com

Tim Reid Director, Capital Markets +44 (0)28 9043 6752 tim.reid@cbre.com

Gerard McCann Director, Asset Services+44 (0)28 9043 6759 gerard.mccann@cbre.com

Lisa McAteer Associate Director, Industrial Agency +44 (0)28 9043 6753 lisa.mcateer@cbre.com

CBRE RESEARCH

This report was prepared by CBRE Ireland, which forms part of CBRE Research—a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate investors and occupiers around the globe. All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible for independently assessing the relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorized publication or redistribution of CBRE research reports is prohibited. CBRE will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this publication.

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