Office take up in quarter four, 2020 in the central Birmingham office market totalled 40,398 sq ft in 13 deals, according to figures compiled by Birmingham Office Market Forum.
When added to the 37 deals totalling 480,412 sq ft recorded in the first three quarters of the year, the 2020 year-end total take up amounts to 520,810 sq ft in 50 deals.
This compares with:
780,095 sq ft in 116 deals for 2019
754,129 sq ft in 113 deals for 2018
1,005,072 sq ft in 130 deals for 2017
692,729 sq ft in 139 deals for 2016
In a year where the market was dominated by pandemic restrictions and lockdowns, unsurprisingly Q4 was the lowest quarter of office take up. The period coincided with the 2nd lockdown and the city remaining in high tier restrictions throughout, tempering the increased office market activity seen in Q3 following the easing of the 1st lockdown. The 2020 total outcome of over 500,000 sq ft is therefore considered to be a respectable performance.
Birmingham’s strong fundamentals remain with low levels of grade A supply and the delivery of the next generation of new build developments having completed at Three Snowhill and 2 Chamberlain Square, Paradise. 2021 will also see the delivery of the much anticipated 103 Colmore Row. The first occupiers will start taking occupation as the year progresses and as restrictions are lifted.
Birmingham Office Market Forum was established in 2007 to present a co-ordinated voice to investors, developers and occupiers about Birmingham’s city centre office market. The Forum brings together the city’s leading office agents and Business Birmingham.
For a list of member firms or further information visit their website