Birmingham’s office market shows strong Q4
The last quarter of 2023 saw the most activity in the office market for the year, with take-up totalling 240,274 sq ft in 37 deals.
Law firm Mills & Reeve topped the bumper quarter by taking 32,088 sq ft at One Centenary Way in Paradise Birmingham.
Following closely, the second and third significant transactions involved Global Banking School (GBS), acquiring 29,383 sq ft at Norfolk House, and Crown Prosecution Service (CPS), securing 27,589 sq ft at 9 Colmore Row.
According to KWB’s Birmingham 2023 Q4 and annual report, the total uptake in 2023 amounted to 702,993 sq ft across 109 transactions.
This surpassed the five-year annual average of 670,677 sq ft, marking the first instance since 2019 that Birmingham exceeded the 700,000 sq ft milestone, with an average uptake of 749,111 sq ft over the last decade.
Deals ranging from 20,000 to 50,000 square feet represented nearly 40% of the total uptake in 2023, with education and government sectors contributing to over 50% of transactions.
The largest deal of 2023 involved Lloyds Bank acquiring 59,896 sq ft of managed office space at 6 Brindley Place.
This transaction, also the most significant flexible office letting outside London for the year, facilitated the relocation of 2,260 staff to allow for the refurbishment of its headquarters at 125 Colmore Row.
The second largest deal featured QA Higher Education securing 45,180 sq ft at Louisa Ryland House on Newhall Street.
