Time is running out for developers in Northern Ireland to register an Expression of Interest for the Invest NI Grade A Office Loan Equity Scheme.
Invest Northern Ireland has recently completed a research exercise looking at the current state of the Northern Ireland commercial property market; part of that research included an extensive review of the Grade A office market.The research concluded that, while there has been a consistent level of uptake of Grade A office space, there is a lack of new build coming to the market and reasons cited for this lack of new build were primarily to do with funding constraints.The research has shown that demand for Grade A office accommodation has remained relatively steady over the past 3 years, but with little development taking place both the overall supply of office space and specifically the supply of Grade A offices has fallen steadily.
Loans will be available upto 40% of the capital value for projects of 50,000 sq ft or larger. In order to take advantage of the first round of the scheme, applicants must register by 31 August 2015.
Developers who have not registered an Expression of Interest will not be eligible for the scheme.
The scheme is anticipated to run to June 2018 with further periods for Expressions of Interest possible each year until 2017.