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Spotlight: Birmingham Offices

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2015 was an exceptional year for the Birmingham office market

■  2015 was an exceptional year for the Birmingham office market with the best take-up figures ever recorded. 2016 has started strongly, and we expect take-up to finish the year 63% above the long-term average.

■  The city is starting to feel the effects of ‘north-shoring’ as more occupiers move out of London in search of lower property and staff costs.

■  With a short-term shortage of new space, 55 Colmore Row is ideally placed to assist with the supply of Grade A space towards the end of the year.

■  Inward investment associated with HS2 has been another hot topic throughout 2015 and we expect this to gather momentum in 2016.

■  3.3% rental growth per annum is expected on new space over the next five years. Rents have returned to 2007 levels this year (£32.50 per sq ft), with rents expected to hit £34 per sq ft by 2019.

■  Birmingham had the best year ever recorded in 2015 in terms of investment volumes, with c.£800 million transacted. This was 43% up on the previous year and 87% up on the long term average.

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