Birmingham is one of nine out of 34 European markets in which tenants will find now is a favourable time to renegotiate existing leases.
Places where rents have remained stable over the past two years, including Birmingham, Budapest and Prague, are the places where occupiers should look to renegotiate deals, DTZ claims in its rental wave office review for the first half of 2012.
The agent added that London’s West End is one of the most expensive markets, but also one of the highest-growth markets, with rents predicted to increase by 5.6% pa between 2012 and 2016.
DTZ forecasts prime rents in Europe to increase by 1.6% per annum over the next five years, in line with the subdued GDP growth of 1.5%.
joanna.bourke@estatesgazette.com
