KWB, whose share totalled 21,575 sq ft of the overall 32,111 sq ft for the quarter, was also responsible for the top three office space transactions:
|Occupier||Size (sq ft)||Office building||Location|
|Capita||7,300||Unit 3 Brooklands||Redditch|
|UTC Carrier||4,177||Units 7 & 8 Topaz||Bromsgrove|
|Synetics plc||3,124||Studley Point||Redditch|
Demand for courtyard offices in Solihull and M42 remains strong
By number, KWB completed seven (54%) of the thirteen transactions in total, five of which were units within courtyard office schemes which provide occupiers with own front door offices. Courtyard office schemes remain popular throughout the region – Brooklands offices in Redditch, Topaz offices in Bromsgrove, The Pavilions offices in Shirley and Chestnut Court offices in Sambourne, Redditch. The self-contained nature of these commercial properties coupled with the opportunity to buy, result in the freehold market remaining strong at a level.
The sale by KWB of Unit 2 The Pavilions offices in Solihull to fast growing web company JustSayPlease, the UK’s leading online comparison specialist for mobile phones now sees Solihull’s premier courtyard office scheme being one step closer to full occupancy, with 10 out of the 12 contemporary self-contained, two-storey office units now either sold or let. This follows the sale, again by KWB, of Unit 5 in quarter 2 to South West News Services (SWNS), the UK’s largest independent news agency – see ‘KWB completes 25,000 sq ft of transactions for office space in Solihull’.
Office space in Solihull over 10,000 sq ft will become severely limited
Mark Robinson, partner at KWB commercial property agents, commented: “If the transactions for offices in Solihull and the M42 corridor currently in solicitors’ hands complete, we expect quarter 4 to be a particularly active quarter. There is no limit to supply of office space currently in the smaller size bracket. However, if the larger transactions do complete and feasibility studies currently being worked on start to become active, then office space in Solihull over 10,000 sq ft will become severely limited.”
Longer decision making cycle should prompt companies to act sooner
The transactions that have taken place for office space in Solihull and the M42 corridor are where the decision making process has been simplified. Larger transactions are progressing slowly because the decision making process and sign-off procedures are longer due to the cost savings needing to be justified wholly. Transactions for office space of 10,000 sq ft and over take at least nine months to complete. For this reason, companies need to start their search for new office space much earlier than in the past.
Refurbished office space in Solihull provides options
There are two speculative office space refurbishments – Building One Trinity Park and 4060 Lakeside. Further office refurbishments are planned in Solihull town centre, including Sapphire Court, which KWB is marketing – 45,000 sq ft of high quality offices adjacent to the train station. The most notable building to come to market is Lansdowne Gate on New Road, where works are currently being considered for a refurbishment of this 68,000 sq ft commercial property, which has interest in it already.
See full details of the transactions for office space in Solihull and M42 corridor or for further information on any of the office schemes listed above, please contact Mark Robinson on 0121 212 5994 or email firstname.lastname@example.org.