Belfast Crane Survey 2026

A city at a crossroads

Belfast has seen the fruit of the Belfast City Region Deal with two new leading-edge R&D developments signalling the city’s intent in terms of innovation, skills and talent. Like most other cities, it has seen limited recent office development. Residential development is anchored in one large scheme due to complete in 2026, with many watching to see if this will trigger new momentum.

Key findings

The Belfast Crane Survey recorded 15 developments across the city centre during 2025 including five new starts. This represents the lowest level of active developments and lowest equal (with last year) new starts in the city centre since the Belfast Crane Survey was first published in 2016.

Of the five new starts, two were R&D developments, highlighting the continued importance of higher education to the city. Meanwhile, Loft Lines, the largest residential development recorded since the Belfast survey began, is completing during 2026, with many watching to see if this will trigger new residential momentum.

Five new starts

below the average of nine since Belfast Crane Survey started

1,224 student bedspaces

under construction but no new Purpose-Built Student Accommodation starts

1 new office scheme

the first new build office scheme commencement since 2020

2 new R&D starts

comprising 159,000 sq. ft.

Residential & Student Accommodation

Since 2015, over 6,300 student bedrooms were completed. With over 1,200 rooms under construction and over 4,000 with planning or at pre-planning stage, there is no evidence of a slowdown. Another 86 residential homes were completed, with the residential pipeline dominated by nearly 800 homes in the Loft Lines development due to complete in 2026.

Office, Research and Education

One office scheme started on-site in 2024: a refurbishment of the listed Transport House. This is the second year in a row when only one office development commenced, and both have been refurbishments rather than new builds. No new office space completed in 2024 – a first for the Belfast Crane Survey.

Retail, Leisure and Hotel

There are signs of a new wave of hotel developments with over 2,000 rooms in the planning pipeline, encouraged by strong visitor data. The visitors arriving by train or bus may well disembark at the brand new Grand Central Station, which is over one million sq. ft. in scale.

Our thinking

Analysis 1

As student accommodation slows, will residential pick up?

Since 2015, over 6,300 student bedrooms have been completed, with another 1200 to be delivered in 2026. While there are a further 4,000 rooms in planning or at pre-planning stage, there were no new starts during 2025. The residential pipeline is dominated by nearly 800 homes in the Loft Lines development due to complete in 2026.

Analysis 2

The evolving office story

One office scheme started on-site in 2024: One Bankmore Square, the first office new build commencing since 2020 when the Covid-19 pandemic fundamentally altered the office market. This is the third year in a row when only one office development commenced. A growing part of the office story is whether to re-furbish or re-purpose.

Analysis 3

Ten years of the Belfast Crane Survey

What does the Crane Survey tell us about the city over the last ten years? What has changed and what is stuck? For the city to thrive, there needs to be a big effort on delivery, not least on city centre residential.

Data in detail

Methodology

Why?

A report that measures the volume of development taking place across central Belfast and its impact. Property types include residential, office, leisure, hotels, retail, student accommodation, education and research facilities, and healthcare.

Where?

Our Crane Survey research area covers Belfast city centre. This includes: The City Core, Waterfront, Titanic Quarter, Inner North, Linen Quarter and Queens University area.

What?

Developers building new schemes or undertaking significant refurbishments exceeding any of the following sizes:
office – 10,000 sq. ft.;
retail and leisure 10,000 sq. ft.;
residential property – 25 units;
education, healthcare and research – 10,000 sq. ft.;
hotel – 35 rooms.

When?

Data for the Crane Survey was recorded between 3 January 2025 and 2 January 2026.

How?

Research for this report was undertaken by Deloitte’s Northern Ireland team, based in Belfast. The Deloitte Real Estate team have also been closely involved in the development of Belfast over recent years. In addition to our in-house knowledge and field research we have used a variety of sources to collate and validate our research. These sources include the Northern Ireland Planning Portal, local media and trade publications, and construction and development industry contacts.

Did you find this useful?

Yes

No

Belfast Crane Survey 2026