Office take up in quarter four, 2022 in the central Birmingham office market totalled 210,348 sq ft in 27 deals, according to figures compiled by Birmingham Office Market Forum.
When added to the 88 deals totalling 482,352 sq ft recorded in the first three quarters of the year, the 2022 year-end total take up amounts to 692,700 sq ft in 115 deals.
This compares with:
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
754,129 sq ft in 113 deals for 2018
In a year where the market was still impacted by pandemic restrictions at the outset, it is encouraging that further improvement to both deal numbers and take up floor areas was recorded. The major Inward Investment by Goldman Sachs has been a significant endorsement of Birmingham as a top tier office location.
This also shows further evidence of a return towards longer term average take up levels, with market sectors such as Education and Life Sciences now factoring with increasing frequency. A number of transactions didn’t make it over the line in time to be recorded but remain in solicitors hands and so we anticipate a reasonably strong start to 2023, despite the prevailing winds of the general economy.
Birmingham Office Market Forum was established in 2007 to present a co-ordinated voice to investors, developers and occupiers about Birmingham’s city centre office market.
The Forum brings together the city’s leading office agents and WMGC.
For a list of member firms or further information visit the web site www.birminghamofficemarket.co.uk