Take-up in the central Birmingham office market is up 11% on the first quarter of this year, according to figures released today by the Birmingham Office Market Forum.
About 114,000 sq ft has been let across 35 deals in Q2 2014, 11,400 sq ft more than in Q1.
This figure is significantly lower than in Q2 2013, when take-up was 223,600 sq ft, but that figure was spiked by Deutsche Bank signing the biggest deal of 2013 for 134,000 sq ft at Hines and Moorfield’s Five Brindleyplace.
Birmingham saw 102,350 sq ft let across 28 deals in Q1 2014, so a total of 216,100 sq ft has been let in the city core in 63 deals so far this year.
The largest deal in Q2, and for the year to date, was Birmingham City University’s letting at the New Technology Institute in Eastside. The BCU has taken 27,500 sq ft on a 15-year lease at the building on Bartholomew Road, which was previously let to the NTI and Skills Funding Agency.
The university will relocate from its existing offices in Perry Barr, and the NTI building will become its official headquarters.
CBRE’s relocation to Hermes Real Estate Investment Management’s 55 Temple Row was Birmingham’s second biggest deal in Q2 at 13,500 sq ft. The deal was signed in April and CBRE will move into the refurbished building from its premises in Cornwall Street in August.
JLL director Jon Carmalt said: “It has been a steady start to the year, which is continuing to improve and will be reflected in far better second-half figures, due to the various medium to larger requirements that are now progressing to transactions.”
lisa.pilkington@estatesgazette.com
