News

Good volume of deals back office recovery

News

Nadia Elghamry

28 June 2014

Offices

West Midlands

Going up: GBR Phoenix Beard

EG’s biggest mover in the Birmingham market is also our top agent in the city this year. Disposals at the independent consultancy rose by over 60% on last year, boosted by three chunky deals over the 20, 000 sq ft mark, namely the 25,000 sq ft letting to Housing 21 at Tricorn House, 23,500 sq ft signed to i2 Office at 2 Snowhill and 22,000 sq ft at Kettleworks on St George’s St. These were the second, third and fourth largest deals in the market last year. The number of deals the firm signed also rose by more than 40%.

Going down: Colliers International

Colliers slipped two places in this year’s rankings as the amount of space it disposed of halved. Two large deals inflated its figures in the previous year, the 15,000 sq ft letting to Westinghouse Rail Systems at Maple House on Corporation Street and i2 Office in 28,000 sq ft at Three Brindleyplace which turned into the largest deal of the year in 2012. It was one of only two companies in the top 10 to see the amount of space for which it found tenants dwindle, the other being GVA, which was knocked off the top spot in the Birmingham rankings after the space disposed of dropped by a third. Although Colliers managed to sign more deals than last year, its average deal size was slimmed down by 3,900 sq ft. Its largest deal was the 6,600 sq ft letting to Siemens at Maple House.

The table covers disposals in Birmingham (B1-7, B9, B12, B15-16, B18-19, B28) for the period 01/05/2013 to 30/04/2014. Occupational sales and lettings are included. Joint agency deals are related to both agents.

Brum office space 570px

Nadia.Elghamry@estatesgazette.com

The Birmingham office market continued to recover, rising 14% in the year to the end of April. That recovery was backed by a solid increase in the number of deals, up by a near-identical amount (16%) while the average deal size also edged up slightly. The top three agents accounted for around half of all space disposed of, although there was still room for two new entrants: Savills in at number seven, and independent agents Siddall Jones at number 10. Going up: GBR Phoenix Beard EG’s biggest mover in the Birmingham market is also our top agent in the city this year. Disposals at the independent consultancy rose by over 60% on last year, boosted by three chunky deals over the 20, 000 sq ft mark, namely the 25,000 sq ft letting to Housing 21 at Tricorn House, 23,500 sq ft signed to i2 Office at 2 Snowhill and 22,000 sq ft at Kettleworks on St George’s St. These were the second, third and fourth largest deals in the market last year. The number of deals the firm signed also rose by more than 40%. Going down: Colliers International Colliers slipped two places in this year’s rankings as the amount of space it disposed of halved. Two large deals inflated its figures in the previous year, the 15,000 sq ft letting to Westinghouse Rail Systems at Maple House on Corporation Street and i2 Office in 28,000 sq ft at Three Brindleyplace which turned into the largest deal of the year in 2012. It was one of only two companies in the top 10 to see the amount of space for which it found tenants dwindle, the other being GVA, which was knocked off the top spot in the Birmingham rankings after the space disposed of dropped by a third. Although Colliers managed to sign more deals than last year, its average deal size was slimmed down by 3,900 sq ft. Its largest deal was the 6,600 sq ft letting to Siemens at Maple House. The table covers disposals in Birmingham (B1-7, B9, B12, B15-16, B18-19, B28) for the period 01/05/2013 to 30/04/2014. Occupational sales and lettings are included. Joint agency deals are related to both agents. Nadia.Elghamry@estatesgazette.com