Birmingham office market breaks 10-year average

Birmingham 's office take-up at the start of the year beat the 10-year average and the market will continue to grow, says city-based commercial property agents KWB.

KWB 's newly-released Birmingham Office Market Research - Q1 2022 shows office take-up reached 175,261 sq ft across 32 deals, compared with the 10-year average of 167,000 sq ft and just 49,837 sq ft in the same period last year.

The positive start to 2022 is even more significant due to the lack of a landmark transaction which often dominates the figures.

The largest letting of the quarter was to the government 's Office of the Public Guardian, which took 27,132 sq ft at Victoria Square House, bringing its total space in the building to 37,284 sq ft.

This was followed by serviced office operator Cubo securing the entire fourth floor of Two Chamberlain Square, totalling 24,000 sq ft.

Offices were also snapped up at other city landmark developments by major occupiers looking to benefit from prime location and high-quality, environmental, social and governance (ESG)-compliant workspaces. This included legal firm Browne Jacobson who signed up to the 15th floor of Colmore 103.

The research also shows trends of legal businesses and educational institutions taking space. Expansions are also a popular theme, indicating a healthy and prosperous economy in the city.

Malcolm Jones, director of office agency at KWB, said: “The future of the city is bright, with enquiry levels for space across the Birmingham office market increasing.

“With this in mind, and the number of negotiations for office space already underway, there is a very promising outlook for the market 's year-end. Growth will continue and the number of deals will increase, as we see more of the 'bread and butter ' requirements returning to the market. ”

KWB creates its quarterly market updates using data from the Birmingham Office Market Forum and its own analysis, local knowledge and evidence.

See the full Birmingham Office Market Research - Q1 2022 report here

For more information about the Birmingham office market or offices to let and buy in Birmingham, contact Malcolm Jones: [email protected]

Pictured: Victoria Square House, Birmingham