Just five new major buildings broke ground in Belfast last year – marking an almost decade low.
Some five scheme began work last year. That was down from seven in 2023 and nine 2022, according to the Deloitte Regional Crane Survey for Belfast.
And no new office blocks were completed in Belfast last year, for the first time since the survey began in 2016.
“For the first time, the Belfast Crane Survey recorded no new office completions, with the recent trend towards refurbishments outweighing interest in new builds,” it said.
“When construction starts on the new Kainos office on Dublin Road in 2025 it will be the first new build office start since 2020, when work commenced on The Paper Exchange and Olympic House.”
A total of 17 schemes were completed or under construction in 2024.
Student accommodation and hotels were the key drivers of the construction sector for large-scale projects during the year.
The report monitors construction activity in Belfast across a range of sectors including offices, residential, hotels, retail, education and student housing, and is seen as a barometer of developer sentiment and future plans.
Higher education continued to drive change in Belfast, with three new student accommodation projects representing 1,224 rooms under construction.
The report notes that the most significant project completed in 2024 was Grand Central Station, the largest integrated transport hub in Ireland, which began welcoming passengers towards the end of the year.
Just one hotel was completed during the year – The Flint – and one new start, but the survey also reported signs of a new wave of hotel developments, with over 2,000 hotel rooms in the planning pipeline.
“The growth of the purpose-built student accommodation is a reminder of the importance of Queen’s University and Ulster University to Belfast,” Marie Doyle, partner at Deloitte in Belfast, said.
“The student accommodation market is now mature and offering significant economic impact, and with Belfast Region City Deal research and development projects commencing, we expect higher education to remain a positive driver for the city.
“But alongside the growing visitor and temporary student populations, a permanent city centre residential population remains a key objective for sustaining a successful city centre. It is also proving to be the toughest nut to crack for Belfast.
“To have a vibrant and lively city centre, it needs people, so creating appealing homes that encourage people to stay in the centre when they enter the workforce remains the essential next step.”
Colin Mounstephen, director at Deloitte in Belfast, said: “Undoubtedly, many eyes will be on the Loft Lines residential development in Titanic Quarter, which will act as a proof of concept for the wider market.
“However, if the city wants to attract people it cannot afford to wait and observe Loft Lines, it needs to strengthen the liveability of the city centre, for example with more walking, cycling and green spaces to complement the city’s traditional retail and leisure offering.”
And councillor Sam Nelson, chair of the city growth and regeneration committee at Belfast City Council, said: “Belfast has seen significant regeneration in recent years and there is high demand to live, work, socialise, study, and invest here. But there is more to do. We’re continuing to work hard, alongside all our city partners, to unlock regeneration opportunities while preserving our built heritage.
“We are clear that we need more city centre homes for a growing population, and we’ve recently appointed a long-term private sector development partner to work in partnership with the council to help us deliver residential-led, mixed-use, sustainable developments across multiple council owned sites. We’re also working with partners to enhance access to green space, to improve connectivity, and to embrace our waterfront.”