Office take up in quarter four, 2021 in the central Birmingham office market totalled 160,498 sq ft in 31 deals, according to figures compiled by Birmingham Office Market Forum.
When added to the 63 deals totalling 496,237 sq ft recorded in the first three quarters of the year, the 2021 year-end total take up amounts to 656,735 sq ft in 94 deals.
This compares with:
520,810 sq ft in 50 deals for 2020
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
In a year where the market was adjusting to ongoing pandemic restrictions including a period where a return to the office was encouraged, 2021 showed a return towards longer term averages, with a significant improvement in the number of deals when compared with 2020.
The latest new build development at 103 Colmore Row completed in 2021, following on from Three Snowhill and 2 Chamberlain Square, with construction of One Centenary Way also progressing at a pace. With Birmingham’s strong fundamentals of low levels of grade A supply, 2021 saw headline rental growth with a trend for occupiers upgrading to high quality grade A office space. In addition, as we move into 2022 there is a strong pipeline of identifiable demand to be satisfied.
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