Central Birmingham office market take up figures Quarter 3, 2016

Office take up in quarter three, 2016 in the central Birmingham office market totalled 95,546 sq ft in 35 deals as scheduled on the table below.

When added to the 75 deals totalling *499,792 sq ft in the half year, the year to date totals 595,338 sq ft in 110 deals.

Whilst the Q3 take up figures are in isolation below average, they follow an exceptional first half of 2016 and a record breaking 2015. Birmingham has experienced equivalent factors impacting most of the regional office markets, namely the uncertainty seen in the run up to Brexit and fewer lease events by virtue of the quieter leasing activity experienced 5 years ago. In addition a number of active HS2 related enquiries are awaiting decisions, pending recommitment by government. However, the outlook remains positive for the remainder of the year and it is clear that Birmingham will see fresh impetus in the office market when government clarifies its commitment to HS2, which remains on track to receive Royal Assent by December.

*NB Q2 figure amended slightly from previous issue, due to one minor duplication of 1,200 sq ft.

Statement issued on behalf of Birmingham Office Market Forum.