Office space availability improving - agent

Solihull office availability is set to improve bringing much needed new options for occupiers, according to Midlands commercial property agency KWB.

KWB 's Solihull & M42 Q3 office market research shows that nearly 230,000 sq ft of newly vacated and refurbished office space is coming to the market, including:

• AIR, a 70,000 sq ft office building on Homer Road which has been undergoing a refurbishment
• 61,000 sq ft Portland House recently vacated by Tarmac Trading
• 60,000 sq ft at One Central Boulevard at Blythe Valley Park
• 37,000 sq ft at Blake House at Eagle Court Business Park

Conversely, the lack of readily available office space meant that transactions for Q3 totalled a modest 38,147 sq ft across eight lettings, which was only slightly larger than Q2.

The largest letting was to Tarmac Trading, which took 17,285 sq ft at T3 Trinity Park, representing 45 per cent of activity. This was followed by M&E contractor Enerveo and sports clothing and footwear brand Brooks Running, securing 4,492 sq ft and 4,044 sq ft respectively at Eagle 2 at Eagle Court.

Malcolm Jones (pictured), director for office agency at KWB, said: “With a quiet period in lettings driven by a lack of supply, it is somewhat of a relief to see offices coming to the market - or on the way - totalling 228,000 sq ft.

“The space provides much-needed stock and may loosen up the gridlock we 've seen over recent years. It is also expected to improve manoeuvrability for occupiers that have yet to find the right available office building to relocate to.

“It 's important though not to see this as a 'sea change ' for the market, as there remains a need to see new office development brought forward. ”

For more information on the research, or to discuss office opportunities across the Midlands get in touch with Malcolm Jones: 0121 233 2330 / [email protected]