Birmingham Boost

A recent report on the Birmingham office market from property adviser BNP Paribas revealed that office take-up in 2014 reached 710,000 sq ft, in the best year for deals since 2008.

Major deals included HSBC Private Bank taking 37,000 sq ft at 120 Edmund Street, Vodafone taking 23,000 sq ft at Colmore Plaza and DAC Beachcroft lease re-gearing at 9 Brindleyplace for 32,261 sq ft. However the stand out deal was HS2 taking 98,000 sq ft of new offices at Two Snowhill for its HQ.

There is very little office space under under construction with the first scheme likely to complete in the city being Brockton Capital refurbishing 50,000 sq ft at the MailBox for late 2015. However, there are a number of outline planning consents in the city centre which could attract occupier demand in the medium-term. rents for the best space are expected to reach £30 psf.

Metropolis has around 400,000 sq ft of office demand listed in Birmingham for 2015, together with a considerable number of lease expiries where tenants are currently making up their minds.  PWC, Deloitte and Browne Jacobson are all taking or finalising deals on space in Birmingham.

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