Birmingham office take-up in 2016 reached 694,000 sq ft

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Cushman & Wakefield has released its Q4 2016 ‘Snapshot’ report on the Birmingham office market – showing that total Birmingham office take-up in 2016 reached 694,000 sq ft.

Occupier View

Andrew Berry, Associate, Cushman & Wakefield in Birmingham comments:

“With a catchment of over 4.3 million people within an hour’s drive, coupled with the youngest population in any major European city, Birmingham meets the fundamental requirements of major employers in the office, industrial and retail sectors. As we enter 2017 it is these key strengths of the City that will enable further inward investment into the region which also offers the range of skills that footloose demands including 120,000 graduates per annum from 20 universities. .

“There is little doubt that the City will maintain a strong national profile as HS2, the mayoral elections and the impact of the Combined Authority all become increasingly evident. The increasingly flexible approach adopted by the property industry and the speed of response to market changes will ensure that 2017 is another interesting year for the industry as a whole with opportunities for those prepared to adapt to the consumers demands.”

Investment View

James Bladon, Associate, Cushman & Wakefield in Birmingham comments:

“Birmingham is one of the UK’s key regional office centres and is a target market for a wide range of investors, both domestic and overseas. Market activity was higher at the beginning of the year, before the distraction of the EU exit referendum. However, despite the surprise result, investor demand has remained robust, particularly for well-let prime assets or those well-positioned to meet occupier requirements. Looking forward, we expect the market to remain stable in 2017 with transaction volumes in the early part of the year boosted by a number of major on-going deals.”