2024 Solihull and M42 office market shows great recovery
The Solihull office market showed great recovery in 2024 after enduring a record low year in 2023, according to findings in KWB’s 2024 Solihull and M42 office market report.
According to findings of the Q4 and annual review by commercial property agent, KWB, last year saw a 6% increase in the take-up of office space in Solihull and the M42 corridor on the five-year average. Compared to 2023, there was a 57% increase in the take-up of office space.
The total take-up in 2024 was 209,793 sq ft across 34 deals, compared to the five year average of 197,232 sq ft. In 2023, the take-up was just 133,337 sq ft office space.
Malcolm Jones, Director of Office Agency at KWB, said: “With total take-up improving considerably following 2023, the Solihull and M42 office market has shown further stability over the past 12 months. It stands to good reason therefore, that a strong start to 2025 could be on the horizon.”
Q4 saw three more town centre deals completed. Davison Solicitors’ 9,945 sq ft transaction at Westbury House was the largest deal of the quarter, closely followed by AIR’s third deal of the year, which saw Forever Living take a 7,922 sq ft of grade A workspace.
BNP Paribas Personal Finance agreeing a 21,219 sq ft deal at AIR Solihull, located on Homer Road in the town centre, remains the most significant deal of 2024.
The Technology, Media and Telecoms (TMT) sector was the year’s strongest performer, taking eight of the year’s 34 deals, the sector’s most since 2019. Meanwhile, the Professional Services sector recorded its highest take-up since 2021 with a total of 52,827 sq ft.
Malcolm continued: “AIR remains a substantial factor in maintaining the health of the Solihull office market. However, with only three suites remaining for 2025, those looking for high-end office space in Solihull may need to consider alternative options.
“We expect to see Solihull town centre completing less deals during 2025, with the majority of deals taking place at more traditional out of town locations, such as Junctions 4 & 6 of the M42.”
Read the full 2024 Solihull and M42 office market review here.
For more insights from the 2024 Solihull and M42 office market review, or for landlord or occupier advice, please contact:
Malcolm Jones
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