Office take up in quarter four, 2023 in the central Birmingham office market totalled 240,274 sq ft in 37 deals, according to figures compiled by Birmingham Office Market Forum. When added to the 72 deals totalling 462,719 sq ft recorded in the first three quarters of the year, the 2023 year-end total take up amounts to 702,993 sq ft in 109 deals.
This compares with:
692,700 sq ft in 115 deals for 2022
656,735 sq ft in 94 deals for 2021
520,810 sq ft in 50 deals for 2020
780,095 sq ft in 116 deals for 2019
In a year where the market was initially slow to gain momentum, it was encouraging to record the best quarter in Q4 and to breach a 700,000 sq ft total for the first time since 2019. Overall, the outturn demonstrates continued resilience in the market, with a strong performance from the education, training and flex/serviced office sectors as well as the more traditional and professional services occupiers.
2 Chamberlain Square ended the year fully let, with 103 Colmore Row having just one floor remaining. Of the schemes that completed in 2023, Louisa Ryland House is also fully let, One Centenary Way is over 70% let and 10 Brindleyplace has secured multiple occupiers.
