Office take up in quarter one, 2021 in the central Birmingham office market totalled 49,837 sq ft in 20 deals, according to figures compiled by Birmingham Office Market Forum.
In a quarter where office market activity continued to be hindered throughout by the national lockdown restrictions, it is no surprise that the Q1 take up outcome remains well below long term averages.
However, it is encouraging that several smaller transactions have concluded with 20 deals representing the highest quarterly total since the end of 2019.
BOMF agents have seen both a significant increase in the number of new office requirements over the last month or so and some mature requirements moving forward positively. Birmingham office leasing activity and take up levels are therefore expected to increase over the remainder of the year, as the roadmap out of lockdown proceeds and more normality returns to market conditions.
Preceding Q1 figures comprise:
2020: 338,985 sq ft, 16 deals
2019: 193,984 sq ft, 25 deals
2018: 148,483 sq ft, 22 deals
2017: 136,203 sq ft, 29 deals
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