The evolving office story

A welcome Grade A addition

The office development story in Belfast has been one of radical change over the last decade. The Crane Survey recorded 19 new starts for five years up to 2020, and eight new starts since. Thankfully, 2022 saw the largest volume of completions (571,000 sq. ft. Grade A) which has allowed the city to boast of a sizeable Grade A offer for potential investors. That said, subsequent limited development alongside steady take-up, has seen the availability of Grade A office space reduce.

In this context the commencement of One Bankmore during 2025 is a very welcome addition of 75,000 sq. ft. of high-quality office space. The new global headquarters of technology company Kainos, construction of the building commenced at Bankmore Square on Dublin Road in Belfast. Kainos originally purchased the site in February 2019. As a microcosm of broader trends, in October 2022, Kainos sold half of the site to Queen’s University for a student accommodation development and now expect to take the four upper floors of the 12-storey office scheme on the remaining half of the site.

Evolving demand that will need more supply

The Belfast city centre Grade A market faces evolving demand, driven by hybrid working and a "flight to quality" for modern, high-specification spaces with experience enhancing amenities and strong environmental credentials.

Last year saw positive announcements of investment from US firms Bank of America and Citigroup. Bank of America is establishing a new operations centre with up to 1,000 jobs spanning technology, operations and broader financial services. Citigroup is continuing to grow its presence in Belfast and already employs over 4,000 people in technology and operations roles. Deloitte also announced during 2025 that they will create 500 new technology jobs in Belfast in addition to the 1,300+ already employed in the city.

These investments reinforce Belfast’s continuing reputation as a technology hub, particularly within fintech and cyber security. To enable these investments, there must be Grade A office space readily available for occupiers to view. Investors want to walk through a space and be able to imagine their teams working there. Computer generated images and plans will not cut it.

Distinct from the larger corporates, there is also demand from smaller businesses who want good quality space but at a slightly different price point. This is fuelling a trend towards more fitted and furnished space for companies wanting more flex as well as co-working space, offering short-term lease options and potential to scale up or down.

Overall, halfway through 2025, CBRE reported over 1.1 million sq. ft. of office accommodation available, albeit with less than 400,000 sq. ft. of Grade A space. As available Grade A supply reduces in Belfast, there will be a need for new office development in coming years offering variety of scale, floor plates and location, and that meets the quality expectations of local and international investors and firms.

Setting high standards

ESG and BREEAM standards are increasingly shaping office demand, driving a "flight to quality" where occupiers prioritise modern, high-specification, and sustainable spaces. Companies seek buildings that align with their ESG objectives, featuring energy efficiency, sustainable materials, good indoor air quality and amenities for well-being. A sustainable and healthy work environment is recognised as being key to attracting and retaining talent. The One Bankmore development is targeting BREEAM Outstanding and NABERS 5*. ESG and BREEAM are no longer optional but fundamental drivers influencing occupier choices, rental values, investment decisions, and the long-term viability of office properties, particularly those aimed at larger corporates.

To refurbish or re-purpose?

Much of the office supply currently on the market provides some clues as to the future direction of travel.

Over the last few years there has been a big uptick in refurbishment. The Crane Survey has tracked multiple such cases including Custom House, Pearl Insurance, The Kelvin and the Printworks. A current example is Transport House, a listed modernist office currently undergoing redevelopment to create modern office space within its historic structure. Some of these spaces, for example the Kelvin, has been developed as more versatile, serviced workspace reflecting the evolving work culture, offering short-term lease options and potential to scale up or down.

Much of the city’s available office space has however been on the market for some time, and it feels like a stretch to imagine them ever being used as offices again, given the mix of changing demand and high specifications required by office investors. The signs are many will not. Walk round the town and for-sale signs on existing office buildings often state “suitable for repurposing”.

The current office market reveals a significant trend towards repurposing existing buildings. Notable examples include more expected uses to more creative uses. At time of writing, the following are at various stages of planning or development:

• Planning permission Marlborough House partial demolition and the refurbishment of existing Listed Building (Princes Court) for 103 apartments; 
• Dorchester House (Great Victoria Street): A vacant office building approved for conversion with development underway into a 136-room aparthotel, with additional floors.
• 28 Bedford Street permission is being sought to change the use of existing office accommodation on the ground, first, second floors to provide a museum to tell the story of “The Irish Soldier in the British Army”.
• Former Lloyds Banking Group Call Centre (Gasworks): Pre-planning application has been submitted to convert this large office site into a 160-180 bed nursing home with extensive amenities.
• Former Santander Offices: Being completely repurposed from offices into a 60-80 bed Transitional Care Unit, including medical facilities.

This demonstrates a clear shift towards adaptive reuse, transforming older office stock into diverse uses quite distinct from traditional office space. Given the scale of vacant older offices in the city centre, including significant government offices that have come to market in recent times, we anticipate increasing attention on re-purposing efforts from both private and public sector.