Birmingham Summer 2016 Office Market Update

A recent report by Colliers International concluded that central Birmingham city office take-up reached 217,000 sq ft in 40 deals during Q2 2016, which was above the five-year quarterly average.

Birmingham office transactions in 2016 added up to 501,000 sq ft in 76 deals. Network Rail agreed to take 85,000 sq ft over three floors at Baskerville House in Centenary Square; Energy Systems Catapult is to relocate to 18,000 sq ft office space at Cannon House; DAC Beachcroft has signed to take 40,000 sq ft of office space on part third, fourth and fifth floors, at Tricorn House and Monarch Recruitment is taking another 10,000 sq ft floor at Temple Point, 1 Temple Row.

Metropolis is tracking over 30 medium/large requirements in Birmingham, including from searches from the likes of London Midland, Emcor and Zurich Insurance.

Birmingham city core is expected to bring onstream up to 1 million sq ft of new development between 2017 and 2019. Schemes include Stirling Property Ventures and Rockspring 235,000 sq ft at 103 Colmore Row, formerly Natwest Tower. Also 3 Snowhill will deliver 385,000 sq ft of Grade A office space by early 2019.

In the short term the refurbishment of 55 Colmore Row, will deliver 156,000 sq ft of prime Grade A space; the Cornerblock will deliver 110,000 sq ft of Grade A refurbished space in Q4 2016, while Ardstone Capital’s 1 Newhall Street will provide 45,000 sq ft of Grade A space by late 2016.

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