11 hours Ago By Claire Cartmill
Did you know with a Digital Subscription to Belfast News Letter, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Belfast’s first low carbon aparthotel, room2 , is up for sale with a guide price of £21.2 million, CBRE NI has announced.
CBRE NI revealed that the firm was bringing the city centre asset to the market at its annual commercial property Outlook event at ICC Belfast, which again was attended by over 500 guests. Advertisement Advertisement Having enjoyed a high-profile opening in October 2023, room2 features 175 rooms, four state-of-the-art collaborative event spaces, and a stylish restaurant and bar. The nine-storey hotel runs on 100% electric and low-carbon renewable energy, making it one of the greenest aparthotels in Northern Europe.
Designed to be ‘a place to live, not just stay’, room2 reflects a commitment to sustainability and comfort, with many of its amenities adhering to a circular economy model, embodying the core ethos of ‘people and planet.’ The Northern Ireland Investment Fund, managed by CBRE Capital Advisors, provided construction finance for the hotel. Speaking at Outlook 2025, Brian Lavery, CBRE NI managing director, said: “Northern Ireland’s hotel sector enjoyed a record-breaking year in 2024.
With £57 million invested across eight sales, the market has set new benchmarks in both transaction volume and trading performance. Advertisement Advertisement “Revenue per available room rose by 8% in the first nine months of 2024 in Belfast and across Northern Ireland, and this is a trend we expect to continue throughout 2025. “The combined impact of new developments, refurbishments, and key transactions demonstrates the continued growth potential within this sector.
"We have no doubt that room2 Belfast will attract significant attention from parties hoping to invest and do business in Northern Ireland.” New hotelier brands including Adagio, Staybridge Suites, and Yotel are also set to begin construction in the city, further showcasing Belfast’s international appeal. Advertisement Advertisement The CBRE NI Outlook 2025 event, the theme of which was ‘Real Estate and the AI Landscape’, provided a platform for industry leaders to reflect on market performance and anticipate future trends.
Key sectoral takeaways included: - Belfast’s office market recorded a total take-up of 348,000 sq ft in 2024, representing a notable increase of 33% compared to 2023. - Demand for prime retail locations remains robust, driven by strong occupier interest and 2025 holds promising opportunities for growth and reinvention. - There has been large-scale interest from retailers and manufacturers within the logistics sector.
Yet, conversion rates for these enquiries remain low largely due to a lack of suitable sites and rising build costs. Advertisement Advertisement - Total commercial property investment amounted to £118 million across 24 transactions, representing a 65% decrease from £338 million in 2023. - With 26% of Belfast’s full-time student population relying on “other rented accommodation”, there is a clear opportunity for Purpose-Built Student Accommodation (PBSA) investment.
Global AI and business strategist Elin Hauge delivered a keynote address which explored the evolving role of artificial intelligence (AI) in modern business. Elin challenged attendees to think critically about AI adoption, emphasising its strengths, limitations, and potential environmental impact: “Beyond the fog of hype and political noise, AI is about mathematical algorithms applied to large amounts of data. Advertisement Advertisement “It’s the natural next step of digitalisation, and it will affect all industries.
Commercial property is no exception. The question is only which players will understand and grasp the pragmatic opportunities of automation and resource optimization and who will not.” The event also featured contributions from Spencer Levy, CBRE’s global client strategist and senior economic advisor, who provided a forecast of what may lie ahead throughout 2025 and beyond in the wake of the Trump inauguration.
Simon Brown , head of UK office research at CBRE, provided key insights on the interplay between the UK’s macroeconomic environment and Northern Ireland’s property market, noting: “The Northern Ireland market continues to reflect broader UK trends, with resilience in key sectors. “As sustainability and innovation remain focal points, Belfast is well-positioned to attract both investment and international attention.” Advertisement Advertisement In his closing remarks, Brian emphasised the importance of collaboration and innovation: “As we look ahead, it is clear that sharing insights and fostering collaboration across the wider business community are key to unlocking Northern Ireland’s full potential.
“Events such as these allow us to learn about emerging opportunities, from advancements in AI to sustainable practices, that will shape the future of our industry. “By leveraging this knowledge and working together, we can drive increased investment, innovation, and growth across the region, ensuring Northern Ireland remains a competitive and attractive destination for years to come.”.
