Demand for prime office space in Birmingham skyrockets | 20 March 2013
Demand for prime office space in Birmingham is at a five-year high, according to new research.
Data released by commercial property analysts Collier International suggests that there is now just 891,000 square feet of vacant space left in the city. This follows four consecutive years of attrition at an average rate of nine per cent per year.
This incredible level of demand for property has been tipped to rise still further in 2013.
In an interview with birminghampost.co.uk, Colliers International associate director Alex Tross claimed that occupiers were becoming more aware of the limited space available.
He said: “It’s no secret that there are major outstanding enquiries in the financial services, insurance and legal sectors. We anticipate that these will be fulfilled inside six months, potentially wiping 200,000 square feet off stock levels.
“Demand for Grade A space eclipses demand for all other grades of stock. This trend has continued in the recessionary years and the appetite for occupiers to improve their accommodation is unabated, despite pressure on overhead costs.”
According to costar.co.uk, prime rents in the second city have remained unchanged at £27.50 per square foot over the few months. This has been tipped to skyrocket as the supply of office space dwindles.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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