Birmingham’s office sector enriched by refurbishment schemes

INCREASED investment in office refurbishment is resulting in increased diversity in Birmingham’s property market and helping to address the rising demand for commercial space, a leading constructor has said.

Wates Construction, currently delivering Ardstone Capital’s new speculative offices at Phoenix House in Newhall Street, said refurbishment was a positive opportunity to complement the ongoing investment in new-build developments across the city.

According to latest research from Colliers International, Birmingham has reached over 500,000 sq ft of office take-up so far this year, giving rise to increased variety in property investment and bolstering the city’s supply of Grade A commercial premises.

Phil Harrison, managing director, Wates Construction Midlands and North, said: “Demand for prime office space in Birmingham is continuing to strengthen and with over 70 deals seen in the city totalling 500,992 sq ft in the first two quarters of 2016, it is clear just how incredibly active the market has become.

“With this activity comes even greater need for a dynamic and varied commercial offering and with a mix of exceptional new-build and refurbishment developments in the pipeline, Birmingham is really setting the bar for satisfying the burgeoning demand.

“What’s more, alongside new commercial developments, office refurbishment is going to aid the property market in keeping up with, if not staying ahead of, the curve.”

However, he said much would depend on the standard of the work.

“With refurbishment comes an efficient and resourceful means to bring something new to the market, resulting in premium commercial space of the exacting standards that befit a global city such as Birmingham,” he added.

Wates was appointed to deliver the refurbishment of Phoenix House in February this year. The newly-refurbished building will comprise 50,000 sq ft of speculative office space and completion is expected in early 2017.

“With HS2 and the Midlands Engine, Birmingham’s economy has some very strong years ahead and the city’s appetite for variety in commercial space will subsequently strengthen,” said Mr Harrison.

“The current balance of new-build and refurbishment, along with the innovations that are being applied to both, will undoubtedly attract further commerce to the city. With this will come changing occupier demands – demands that Birmingham is more than equipping itself to address.”

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