International business growth is fuelling demand for top-end office space and hotel capacity, a leading realtor said.

Penny MacIntyre, partner at Rego Sotheby's International Realty, told The Royal Gazette, there remains an unrelenting demand for Class A commercial office space.

It means there will also be a need, she said, for additional hotel keys, as there will be more visitors coming to the island for business meetings.

With regard to office space, Ms MacIntyre noted: “There’s high demand now, both from companies that are growing here, that have been based here for a few years, as well as long term. And we have new-to-Bermuda companies, global reinsurance and insurance businesses.”

She believes the opening of the Fairmont Southampton hotel next year will have a wider effect on the island than simply tourism and hospitality employment.

Ms MacIntyre added that the demand for space at the new Luscar Place development on Pitts Bay Road represented a turnaround for the market from a few years ago.

It was also evidence that the demand for commercial space is even larger than the appetite created by the island’s growing re/insurance market, she said.

During the topping-out ceremony at Luscar Place on October 2, Andrew Green, of developer Greenaap Consultants Ltd, thanked Rego Sotheby’s International Realty Bermuda team for the marketing of the 135,000 square foot property.

Ms MacIntyre is the exclusive agent for the seven-storey building, for which construction began in 2025 and is expected to be completed by next July.

Meanwhile, Lisamarie Masters, partner at Botelho Wood Architects, said the Luscar Place building and the upswing in commercial development is clear evidence of the interest global companies have in being in Bermuda.

The Fairmont Southampton hotel and the Brookfield’s Ninety One building on Front Street are just two more in the recent major development category.

She admits that apart from her professional interest in being involved in the Luscar Place development, she also has a personal interest as a nearby neighbour.