Regus Birmingham breaks 1 million sq ft office take-up for first time
Office take-up in Birmingham during 2017 broke the one million sq ft barrier for the first time, in spite of a slow first half to the year, according to data from the city's Office Market Forum. The year saw a total of 130 deals and beating the previous record of 970,458 sq ft in 2015. The figures were given a fillip by demand linked to the planned HS2 high-speed rail link, and the UK government committing to the city's biggest pre-let in 10 years.

Office take up in quarter four, 2017 in the central Birmingham office market totalled 354,530 sq ft in 49 deals as scheduled in the table below, compiled by the Birmingham Office Market Forum.

When added to the 81 deals totalling 650,542 sq ft recorded in the first three quarters of the year, the 2017 year-end total take up amounts to 1,005,072 sq ft in 130 deals.

This compares with:

692,729 sq ft in 139 deals for 2016

970,458 sq ft in 132 deals for 2015

713,460 sq ft in 148 deals for 2014

664,147 sq ft in 128 deals for 2013

The 2017 outcome is a record take up year, beating the previous high seen in 2015.

Office take up was boosted by the emergence of HS2 related demand together with the Government committing to the largest prelet seen in the city for a decade. In addition, key larger transactions were concluded in the Professional Services and the Serviced Office sectors.

Breaking 1 million sq ft office take up for the first time is extremely positive for Birmingham during the current period of unprecedented development activity and further regeneration, visible across the BOMF area. It is also particularly encouraging bearing in mind the slow first half of the year following on from the dip seen in the previous year’s total.

For further information please contact the author of the report Jonathan Carmalt, Director, Office Agency, JLL on 0121 214 9935 or email [email protected]

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