West Midlands’ office rents are set to grow throughout 1998 on the back strong demand and limited availability of suitable stock, predicts DTZ’s Debenham Thorpe Annual Property Report for the Midlands.
The survey reports over 23,000 sq m (247,500 sq ft) of lettings in central Birmingham in just the first nine months of 1997. However, availability only stands at 98,000 sq m (1m sq ft) – some 6.5% of total stock.
Geoff Thomas, Chairman of DTZ’s Birmingham office, said: “Most speculative developments from the last construction cycle during the early 1990s have been let, while a combination of restrictive planning and few opportunities will limit further supply.” Thomas believes these factors will combine to trigger the return of rental growth to the region’s office market in 1998.
EGi News 22/01/98
