Rents up 15% at Birmingham office building as high demand drives market
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High demand for office space has seen average rents at a Birmingham city centre office building spirral by 15%.
Acting on behalf of landlord West Midlands Pension Fund, Birmingham-based KWB’s Head of Valuation and RICS registered valuer, Martin Cook negotiated the uplift with tenants at 35 Newhall Street.
The increases at the 53,587 sq ft, five-storey, multi-let, office building were achieved through a combination of rent reviews and lease re-gears.
Mr Cook said: “The increase we achieved reflects the change in the Birmingham office market where an increasing shortage of quality office accommodation has driven up rents.
“But, it also reflects the quality of the accommodation at 35 Newhall Street, situated in a prominent and prestigious office building at the junction of Newhall Street and Cornwall Street, in the heart of the Colmore Business District, where occupiers want to be located.
“We are presently advising many landlords and tenants undergoing rent reviews in Birmingham city centre, based on an upwards change in office rents over the last few years.”