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Tammy Newell
Tammy Newell
  • 2 Minute Read
  • 30th September 2011

Northern Ireland Calls for Lower Rental Rates on Business Centres

Local authorities in Northern Ireland have called for lower rental rates on town centre office spaces in the hope to reduce the number of vacant shops and business centres.

A new report by commercial property agency Lisney, has revealed a lack of office development in the centre of Belfast, resulting is a shortage of Grade A space. It is hoped that by reducing corporation tax, companies will be more willing to invest in vacant properties.

Belfast’s city centre currently has over one million square foot of unoccupied office space, even though the rental rates have remained at £12 per sqft since the 1990’s. The major factor that puts off investors is the corporation tax, which is currently set at 26%, whereas the rest of the UK and the Republic of Ireland is at 12.5%.

Northern Ireland’s Finance Minister, Sammy Wilson, told the BBC that it would be at least four years before corporation tax levels are cut. One of the reasons behind this prolonged policy is because office space in Belfast is more suited to smaller businesses, and does not attract larger, international companies.

Having said that, renting in Belfast can be hugely beneficial to these small, entrepreneurial companies, who can help bring the town centre back to life. The city centre comprises of an eclectic mix of businesses and retail stores, along with the added bonus of being within a vibrant and cultured social atmosphere. While some companies are shutting up shop, your business can take advantage of this. Trade has always been booming, and certain companies can take advantage of this.

To find out more about office space in Belfast and Northern Ireland, talk to Search Office Space now on 0800740 80 80 to discuss your requirements.