Total office occupancy costs increased in Birmingham City Centre during the second half of 2013, according to new research conducted by leading international property adviser BNP Paribas Real Estate.
The study focuses on rents, business rates and service charges for prime Grade A offices in the city. It found that costs have risen in Birmingham City Centre by 2.2 percent to £45.25 per sq ft.
In other areas of the Midlands, costs remained stable. Solihull office occupancy costs were still in the region of.£32 per sq ft while in Coventry, costs remained at.£27 per sq ft.
The price in Nottingham stands at.£30 per sq ft while in Leicester and Northampton costs held steady at around .£26 per square foot.
Carole Taylor, of BNP Paribas Real Estate’s Birmingham office, said that they have seen an increase in prime Grade A rents over the last three months, while costs in secondary offices have remained stable. She foresees that with the shortage of Grade A stock over the next 12-18 months, rents will increase further.
