City office market back to pre-crash levels – LSH
BIRMINGHAM has seen its strongest first quarter of commercial lettings since the economic crisis of 2008, according to research by property consultancy Lambert Smith Hampton (LSH).
The 2015 edition of the company’s annual Office Market Report found that 130,000 sq ft had been let in the city in the first three months of the year as a growing optimism in the economy also saw a number of speculative schemes make significant steps forward.
Alex Tross, director of office agency at LSH in Birmingham, said: “What we are seeing is sentiment now crystalising into deals as there is undoubtedly a renewed feeling of confidence as the positive rhetoric of recent years about the direction of travel for the city becomes reality.
“Q1’s performance builds on the success of 2014 which saw the highest level of annual take-up since 2008.
“Take-up levels have been significantly boosted by large inward investment by the likes of Deutsche Bank and what we now need to see is local businesses grow so we do not become overly reliant on that one large deal a year such as HS2 in 2014.
“If the city’s growth is to be sustained during 2015 and beyond, we will be looking for more significant inward investment as well as bigger local deals.”
The report is being launched regionally at LSH in Birmingham tomorrow.
