Office take up in quarter three, 2019 in the central Birmingham office market totalled 160,593 sq ft in 35 deals.
When added to the 55 deals totalling 514,579 sq ft recorded in the first half year, the year to date totals 675,172 sq ft in 90 deals.
The Q3 take up is clearly dominated by a single larger transaction of over 110,000 sq ft but otherwise is reflective of current occupier hesitation in their decision making process, particularly in the mid-range deal size.
Nevertheless, given the year to date and identifiable latent demand, Birmingham Office Market Forum members remain confident that the long-term average (730,000 sq ft) will be exceeded by the end of the year. The market remains positive and is looking forward to the delivery of the new build offices in Q4 at 2 Chamberlain Square and Three Snowhill providing some much needed grade A office supply.
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 Business Birmingham.
For a list of member firms or further information visit their website