Birmingham’s city centre office market has seen its best Quarter 1 take-up figures since 2007.
According to the latest analysis by the Birmingham Office Market Forum (BOMF), 283,697 sq ft in 36 deals was let in the city in Q1 2016, the highest Q1 totals since the forum started recording in 2007.
The figures were buoyed by several significant deals, including a 90,000 sq ft prelet to PwC at the Paradise development’s 1 Chamberlain Square, now under construction. Law firm Pinsent Masons signed last month to move to IM Properties’ 55 Colmore Row redevelopment – which is also under construction; and DAC Beachcroft’s 40,000 sq ft relocation from Brindleyplace to Tricorn House in Edgbaston also helped notch up the figures.
This year’s figures are 54.7% higher than the previous recorded high of Q1 2010, where 183,348 sq ft was taken during the period, and 129% higher compared to Q1 2015.
The Q1 2016 figures follow a record-breaking year in 2015, where a total of nearly 1m sq ft of take-up was recorded.
Jonathan Carmalt, director of JLL and member of BOMF, said: “These figures continue the positivity of last year. Property transactions are by their very nature often complicated, so some of the deals could have slipped from last year. On the other hand others may have happened this year more quickly than expected.”
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