Lloyds Bank leads Q3 Birmingham office market transactions

Lloyds Bank’s temporary move in Q3 to 59,896 sq ft of flexible office space at 6 Brindleyplace was the largest letting in the Birmingham office market for the year so far, according to KWB research.

KWB’s Q3 Birmingham office market report reveals 18 transactions totalling 131,504 sq ft, with the Lloyds Bank deal representing nearly 50% of take-up.

In August, the bank signed a two-year agreement for the x+why serviced office space called Foundry within 6 Brindleyplace. It has relocated 2,260 staff there while it carries out a refurbishment of its long-term offices at 125 Colmore Row.

The second largest deal of the quarter was with another financial firm, finance and investment management experts EFG Harris Allday. They took 12,162 sq ft at 103 Colmore Row, representing the building’s 14^th letting since it came to market in 2021.

Five deals totalling 24,612 sq ft were secured at Alpha, the 28-storey building on Suffolk Street Queensway that has recently undergone a £16.6 million refurbishment. The new occupiers are Hitachi Energy UK, SYSTRA, Court Collaboration, plan.com and Tribera.

Q3 also saw the first letting at the newly launched Rum Runner Works off Broad Street that has undergone a £2 million renovation by landlord, Picton. Ricoh Digital Services has leased 3,561 sq ft at the property, which dates back to the 1800s.

Malcolm Jones, Director of Office Agency at KWB, said: “The Birmingham office market has secured half the number of transactions of the previous quarter, but deals can often be slow to complete over the summer and this can lead to a bumper Q4 with many deals completing in October.

“Birmingham has enjoyed a steady flow of new office buildings for the past five years, but with availability now dwindling, eyes turn to what’s next. The Lloyds Bank move to Brindleyplace has highlighted it as a location with potential to offer major occupiers some of the best office space – at the right size – in Birmingham city centre. Bruntwood’s latest Birmingham office building in Aston, called Enterprise Wharf, will also soon be launching for digital and tech businesses.

“Longer term we will have the launch of the 200,000 sq ft Three Chamberlain Square, the final office building at Paradise, along with Drum in Grand Central and the Beorma Quarter in Digbeth.”

Read KWB’s Q3 Birmingham office market report here.

For more details on KWB’s office market research or for advice on leasing or buying offices across the West Midlands, contact Malcolm Jones on 0121 233 2330 or email mjones@kwboffice.com.