Solihull office market set for several significant deals

KWB’s latest report on the Solihull office market reveals several significant deals are set to complete before the end of the year.

KWB’s Q3 M42 and Solihull office market research says there will be four deals totalling more than 50,000 sq ft in sectors ranging from technology to financial services.

The deals are an encouraging sign that the market is highly resilient after quieter quarters this year caused by a mix of low availability and caution from occupiers in challenging economic circumstances.

The largest deal of Q3 saw serviced office operator Orega take 30,633 sq ft at Ingenuity House near Birmingham Airport. The company is set to open a high spec flexible workspace of 550 workstations on the ground and first floors in January 2024, with a major financial services business already secured for 150 desks.

Q3 saw just four other transactions, which were: 5,737 sq ft to Energym at Highlands House; 2,432 sq ft to Mercury xRM at De Montfort Huse; 2,103 sq ft to JBA Consulting at Coleshill House and 592 sq ft to ILP Partners at 39 Dominion Court.

Malcolm Jones, head of office agency at KWB, said: “With just five transactions taking place in Q3, the M42 and Solihull office market achieved half the number of deals in the previous quarter.

“Availability in Solihull has been a restrictive factor in 2023 so far. It’s a market that has seen high demand and take up, meaning there are few opportunities for new companies to take space.

“But the best quarter of the year is still ahead, with four significant transactions set to deliver over 50,000 sq ft of take up in the final quarter.

“As reflected by the deal with Orega at Ingenuity House, we can also expect to see increased demand for flexible space as occupiers take a more cautious approach to their office space decisions.

“Smaller stock continues to be hard to find in the Solihull office market and this is an important opportunity for landlords with vacant office buildings. Properties that can be refurbished to offer high quality suites under 3,500 sq ft will address the shortage.”

For more details on the office market research or for advice on buying or leasing offices in Solihull, contact Malcolm Jones: 0121 233 2330 / mjones@kwboffice.com

Pictured: Ingenuity House, the site of Q3's biggest letting to serviced office operator Orega