Birmingham office market shows ‘resilience’ in first half of 2016
BIRMINGHAM’S office market continued to show “resilience” in the second quarter of 2016 as take-up for the year to date scraped over 500,000 sq ft.
There were 36 deals between April and June, led by Network Rail taking 83,400 sq ft at Baskerville House, which totalled 217,295 sq ft. That was a little behind the first quarter when lettings for PwC and Pinsent Masons boosted the figures to 283,697 sq ft.
The first half total was 22% below the same period last year, although 2015 was inflated by the 212,000 sq ft deal by HSBC for Arena Central.
Jonathan Carmalt, on behalf of the Birmingham Office Market Forum, said: “Given the uncertainties in the wider economy seen during the period, breaking half million square feet of office take up represents a very strong first half to the year, continuing the record levels seen in 2015 and demonstrating the resilience in the Birmingham office occupational market.
“With a number of comprehensive refurbishments also progressing, the remainder of the year continues to offer great promise.”
Birmingham office market take-up, size and volume, 2014-2016 (source: Birmingham Office Market Forum):
