Birmingham is now Britain’s top regional location for city centre office transactions — breaking its quarterly average take-up for the first time in five years.
In its latest Big Nine report, property consultants GVA claim the West Midlands’ city recorded a total of 156,202 sq ft of office space leased or sold during the third quarter of this year. Its highest quarterly average since 2009 has been 150,579 sq ft.
“After a quieter first half of the year, this latest return will doubtless help to push Birmingham’s projected annual take-up nearer to its long term average of around 650,000 sq ft,” commented George Jennings, an associate in GVA’s Midlands office.
In out-of-town deals, Birmingham also saw an above-average figure with 125,508 sq ft of transactions completed, well above the five-year quarterly average of 77,470 sq ft.
Nationally, Birmingham was only beaten by Glasgow which recorded 213,430 sq ft of city centre deals completed between July and September. Third quarter activity across the whole of UK was also higher than the previous five year averages, putting the market in a strong position to eclipse the annual take up levels recorded in 2013.
“The findings of the latest Big Nine clearly demonstrate that there is considerable upswing in the market as health and confidence continues to return,” Jennings added.
As far as Birmingham is concerned It will be interesting to consider this quarter’s results in comparison to the figures for the final quarter of 2014 which, he pointed out, would include the 99,000 sq ft letting to HS2 at Two Snowhill, together with a handful of substantial lettings which will boost to the figures and attract further occupiers to the city.
Among the office sites expected to be taken up before the end of the year is the Grade I listed 122 Colmore Row. Acquired by property company Evenacre three years ago the building has just returned to the market after a £500,000 refurbishment.
The 6,180 sq ft late Victorian building — containing four office suites of between 375 and 1,528 sq ft — is Evenacre’s fourth property in Birmingham city centre. It already owns neighbouring 114-116 Colmore Row and 158 and 170 Edmund Street.
“Number 122 Colmore Row is an architectural gem,” claimed managing director Paul Jones. “In refurbishing the building we have been respectful of its heritage and period features but at the same time introduced contemporary styling and facilities demanded by the modern office occupier.”
His company’s latest Colmore Row asset was completed in 1900 and is listed in Pevsner’s architectural guide as “one of the most important monuments of the arts and crafts freestyle in the country”. Number 122 was designed by influential arts and crafts architects William Lethaby and Joseph Lancaster Ball.
Theo Holmes is an associate director with agents CBRE. “Colmore Row is Birmingham’s best office address and number 122 offers Evenacre’s trademark high-end design and attention to detail,” he said.
“To find such an up-market specification on offices in this size range is unique in Birmingham city centre and as a result we already have a high level of interest.”
Previous Post
UK Retailers express High Hopes for Christmas 2014
