Quarter 2 was a particularly active period for KWB commercial property agents in Birmingham, being involved in nine of the twenty-nine transactions for office space in Birmingham.
These ranged between Birmingham city centre – or ‘the core’ as it is often referred to – the Jewellery Quarter and the leafy suburb of Edgbaston, which is experiencing something of a resurgence at the moment. Indeed, KWB has been responsible for the top three transactions for offices in Edgbaston so far this year, totalling over 18,000 sq ft.
With the cost effective nature of the Edgbaston office market attracting office occupiers again, having established a differential between itself and Birmingham city core, it will be interesting to see if this trend continues in future quarters.
The type of office occupiers across the nine transactions was also diverse in nature – from information management, digital technology and electronic products to recruitment, training, architects and sports administration.
In addition to its office agency activities in Birmingham, KWB also has an established track record for its out-of-town commercial property transactions, and last quarter was no exception. KWB completed 52% of the transactions foroffice space, Solihull with more than 31,000 sq ft let or sold to office occupiers. These businesses were again extremely diverse in their activities, including facilities management, industry forum, energy comparison, press agency as well as creative, IT and construction.
Lack of supply of Grade A office space, Solihull and Birmingham
The impending lack of supply of high quality, Grade A office space in Birmingham has been well documented now for some time, but KWB’s research highlights a similar picture for Solihull, warning that occupiers searching for office space in Solihull in excess of 10,000 sq ft will start to experience lack of choice. The shortage of office space means that incentive levels will reduce and rental levels will increase.
This only serves to underline the value of utilising the professional services of a company which specialises in helping occupiers to find offices, accurately space plan their requirements, negotiate best terms and project manage the entire fit out and office move – a process which future-proofs their decision making andsaves them both significant time and money whilst they remain focused on their business throughout.
Mark Robinson, partner at KWB commercial property agents, advises: “For companies with office lease breaks or lease expiries approaching within the next 18 months to 2 years – or even 3 years for larger companies – now is the time to assess your options for office space and speak to us about what you can achieve for your money and the best way to approach the office move process.”
For more information, please contact Mark Robinson on 0121 212 5994 or email@example.com.