Birmingham independent commercial property agency KWB has increased the average rent at a Birmingham city centre office building by 15%.
Acting on behalf of landlord West Midlands Pension Fund, KWB Head of Valuation and RICS registered valuer, Martin Cook negotiated an average rental uplift of 15% with tenants at 35 Newhall Street in Birmingham’s central business district.
Mr Cook achieved the increase in rent through a combination of rent reviews and lease re-gears at the 53,587 sq ft, five storey, multi-let, office building.
He says: “The increase we achieved reflects the change in the Birmingham office market where an increasing shortage of quality office accommodation has driven up rents. But, it also reflects the quality of the accommodation at 35 Newhall Street, situated in a prominent and prestigious office building at the junction of Newhall Street and Cornwall Street, in the heart of the Colmore Business District, where occupiers want to be located.
“We are presently advising many landlords and tenants undergoing rent reviews in Birmingham city centre, based on an upwards change in office rents over the last few years.”
