KWB achieves 60% of offices in Solihull and M42 corridor in 2016

KWB’s office market research Q3 shows that, of the year-to-date, it has secured 60% of the sales and lettings for offices in Solihull and the M42 corridor.

Year-to-date, KWB has transacted 148,352 sq ft of the 244,885 sq ft of sales and lettings in Solihull and the M42 corridor in 2016.

KWB’s dominance continues in the market, through a quarter that saw the out-of-town office market achieve a marginally higher square footage of sales and lettings than Birmingham city centre.

In Q3, KWB secured 43,864 sq ft of the office space transacted – 45% of the 96,921 sq ft total for the quarter – including the largest transaction of the quarter, the letting of 2920 Trident Court to an occupier that is currently confidential.

2920 Trident Court was regarded as the highest quality building available on Birmingham Business Park. The letting of this significant property contributes to the low vacancy rate at the Park, which currently stands at around 10%.

KWB’s transactions for office space in Q3 2016

Mark Robinson, Director of KWB commercial property agents, pictured right, said: “We’re proud to have continued, so far in 2016, the success we experienced last year for offices in Solihull. Birmingham Business Park has been a cornerstone of our success in the region. As supply at the Park declines, we have secured new instructions to meet the demand of the market and the needs of our clients.”

KWB has recently been instructed on Dominion Court and 31 Homer Road offices in Solihull. 31 Homer Road offers just over 61,000 sq ft of office space in Solihull town centre and is currently being refurbished to offer prime Solihull offices.

Dominion Court comprises three buildings – 39, 40 and 41 Station Road. As of now, 39 Station Road is fully vacant, providing 12,092 sq ft of Solihull office space, whilst there is space available in 40 Station Road between 1,601 sq ft and 5,470 sq ft.

Mark Robinson continued: “We’re delighted to be instructed on these offices in Solihull. Whilst we continue to market vacant property on Birmingham Business Park and other prominent buildings in the area, we acknowledge the demands both for larger pieces of office space – which are running dry along the M42 corridor – and for offices in Solihull town centre, or close by. We anticipate healthy demand for these properties, and would encourage any interested potential occupiers to get in touch immediately, in order to avoid disappointment.”

Q3 office market research

Our latest office market research, available on the links below, shows that, whilst Birmingham city centre and out-of-town markets both experienced good activity, a lack of larger deals in Birmingham led Solihull and the M42 corridor to, surprisingly, outperform the city centre on square footage.

We anticipate a bounceback for the Birmingham office market in 2016’s final quarter, with an interesting year ahead – fuelled by the anticipated Royal Assent of HS2.

Highlights of Birmingham office market research

• Plenty of activity, but no larger transactions
• HS2 Royal Assent could trigger large lettings in 2017
• Refurbished offices welcoming a multitude of occupiers
• Good city fringe office space drying up
• Small-to-medium occupiers may turn to serviced offices

Highlights of Solihull office market research

• Solihull and M42 corridor secure more square footage than Birmingham city centre
• Redditch yields quarter’s second largest letting
• Largest lettings of the quarter driven by office space consolidation
• Diminishing availability of office space drives freehold market as occupiers seek security in their future occupancy and investors recognise opportunity

See full details of the transactions for office space in Birmingham city centre and Edgbaston and transactions for office space in Solihull and M42 corridor.

For more information, please contact Mark Robinson on 0121 212 5994 or email mrobinson@kwboffice.com.