Birmingham offices in global top 50 list

BIRMINGHAM is among the world’s top 50 office locations according to latest research from CBRE.

The city is ranked 42 in the global listing, which is headed by central Hong Kong, with London’s West End in second place.

The countdown is based on the cost of occupying prime office space. More than 130 cities across the globe were surveyed and six UK regional cities feature in the top 50.

The data shows average office occupation costs – which including rents, business rates and service charges – in Birmingham are now £44.55 per sq ft per annum.

Manchester was ranked at number 36 with an average occupation cost of £46.

Ashley Hancox, CBRE’s head of regional office agency, said: “Although rents have remained static in Birmingham over the last year, the city has maintained its position in the global top 50.

“Birmingham’s central business district is clearly defined and the activities of the Colmore BID team and the Birmingham Office Market Forum are helping it gain recognition.

“Improvements to the city’s transport infrastructure are already underway with New Street station; work on the Metro extension is not far off, while HighSpeed 2 could make a massive difference to capacity and the ability to north-shore jobs.

“The runway extension at Birmingham Airport will be a massive improvement to the city’s global connectivity, particularly to trading partners in the Far East and Western seaboard of the USA.

“Finally, the inevitable absorption of Grade A space in the city means supply is diminishing. Once the remaining, large floor plate space at One Snowhill, Colmore Plaza and Two Colmore Square has been taken up, the only new build to come on stream before 2015 – and probably beyond – will be Two Snowhill. 

“As a result, rents will undoubtedly begin to move north in the not too distant future.”