Birmingham office market smashes take-up record
BIRMINGHAM’S office market enjoyed its busiest first quarter since the start of the credit crunch, smashing the previous best in the last decade.
PwC’s 90,000 sq ft deal for 1 Chamberlain Square in the Paradise development, Pinsent Masons’ planned relocation to 55 Colmore Row and DAC Beachcroft’s decision to move to 40,000 sq ft at Tricom House were the major deals in the period.
Analysis by the Birmingham Office Market Forum (BOMF) showed that 283,697 sq ft was taken up in the first three months of 2016, compared to 123,760 sq ft a year earlier.
It said the 2016 figures “considerably eclipse” the previous first-quarter high, which was 183,348 sq ft achieved in 2010.
The Forum was formed in 2007 and sees the city’s office agents and Business Birmingham share market knowledge.
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In a statement it said: “The Q1, 2016 take up figures represent the highest ever recorded by BOMF in the first quarter take up for the central Birmingham office market.
“This represents a very strong start to 2016, and is most encouraging following on from the record year of 2015 when nearly 1m sq ft was recorded in total.”
