Birmingham property market continuing to thrive – Bilfinger GVA
THE last quarter of 2015 demonstrated a strong end to the year for Birmingham’s city centre and out-of-town markets, according to the latest Big Nine report from Bilfinger GVA.
The figures confirm a record-breaking year for the city centre market, with 970,000 sq ft of deals completed, a significant uplift on the previous high of 886,000 which was recorded in 2008.
According to the quarterly report, which analyses regional city-centre and out-of-town office activity, both of Birmingham’s key markets fared well, with lettings comfortably above the five year quarterly average.
National Grid’s 46,000 sq ft letting at Lansdowne Gate marked the largest out-of-town letting, contributing to 102,858 sq ft of activity across the quarter, an 11% increase on the five year quarterly average.
In the city centre market, deals totalling 212,449 sq ft were completed – demonstrating a rise of 20% over the five year average – with union Unite’s 56,000 sq ft transaction near Aston University making the largest contribution.
Charles Toogood, senior director in the Midlands offices team at Bilfinger GVA, said: “With significant deals such as the 45,000 sq ft letting to Advanced Computer Software Group at the Mailbox and continued interest from inward investors like HSBC who have committed to the full 210,000 sq ft at 2 Arena Central, it is little wonder that we have seen such a momentous level of activity.
“Backed by continued capital investment in large-scale infrastructure projects like New Street Station, new build space such as Paradise, and the refurbishment of existing buildings like IM Properties’ 55 Colmore Row, 2 Cornwall Street and the Lewis Building, the city will continue to deliver ensure a supply of high quality office accommodation into the market.”
Nationally, Q4 2015 saw occupier take-up figures in the UK’s major regional city centres come in at 1.67 million sq ft, 38% above the five year average.
