Birmingham a hotspot for new investments - expert
Birmingham 's young population coupled with the feelgood factor from last summer 's Commonwealth Games make the city a hotspot for new investments, delegates were told at the launch of a Greater Birmingham Chambers of Commerce report, writes Feron Jayawardene.
Carl Potter, the principal and managing director of real estate firm Avison Young, was addressing the launch of the GBCC 's Quarterly Business Report for Q1.
The event - sponsored and held at Birmingham City University (BCU) yesterday - was hosted by GBCC president Deb Leary with the participation of Chamber members and patrons.
The QBR offers an up-to-date snapshot of the performance of the Greater Birmingham business community. It is the most comprehensive, regular report of its kind in the region.
Underpinning the report is data gathered from quarterly surveys on key indicators such as sales, exports, investment intentions and the workforce.
Among the guest speakers was Mr Potter, who explained how Birmingham is becoming a hotspot for new investments.
He said : “We have the right demographic in Birmingham for new investment including a young population and an amazing graduate retention coupled with the legacy of the Commonwealth games held last year. ”
“The property outlook last September was very gloomy. The overseas investment coming into the UK was damaged by the political and economic stability and there was a big fall in values.
“Industry property investments have stabilised now, and we don 't predict any downward movement on the property market. ”
Mr Potter also talked about the benefits HS2 would bring to the region, adding: “We believe HS2 will get back on track and start to accelerate again.
Speaking about future trends, Carl mentioned that there is now a greater concentration on ESG and sustainability when making property decisions.
He said: “ESG is becoming a more dominant factor and occupiers were more focused on building with the highest standards.
“It will also be interesting to see what happens to the vacant M & S space when they move into the bullring. ”
GBCC director of external affairs Raj Kandola briefed the audience about the latest findings. He said: “The Government needs to create a platform of certainty in order to encourage businesses to invest in their people and products.
Official Government statistics revealed that UK business investment rose by 4.8 per cent in Quarter 4 of 2022 (October to December) and is 13.2 per cent above the level it was in the same quarter of 2021.
“The level of business investment at the end of last year is nearing the level we saw prior to the onset of the pandemic. All of this is promising and shows the value of investing in the economy and the broader benefits this brings.
“The Chancellor received many plaudits at the recent Budget for introducing a move towards full expensing in relation to capex investment; however, for the measure to be truly effective, the policy needs to be implemented permanently in order to enable long term investment at firm level. ”
Speeches were also given by Jo Birch, Director of innovation, enterprise, employability and business engagement at BCU and Rachel Barlow, managing director of Midland Metropolitan University Hospital Programme Company at Sandwell and West Birmingham Hospitals NHS Trust.
While Jo Birch talked about the investments carried out by BCU, Rachel Barlow spoke about the Midlands Metropolitan University Hospital.
She said: “The Sandwell and West Birmingham Hospitals NHS Trust employs over 8000 staff. We have treated 6119 patients treated on our community service last year. Our patient department sees over a half a million patients each year.
“The future service model of the hospital will include a 24/7 urgent treatment centre in Sandwell, a treatment centre in Birmingham and a Birmingham and Midland
Eye Centre (BMEC) at City Hospital.
“The Midland Met is also developing a Learning Campus which will focus on skill shortages across Additional Clinical Services and provides pathways into long term employment for residents. It will also accelerate the delivery of transformational regeneration in the area.
“1280 new learners will be assisted every year across a range of short- and longer-term courses.