External at Ingenuity House at Bickenhill Lane, Solihull

Q4 Solihull and M42 office market research shows strong outlook for 2024

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KWB’s Q4 Solihull and M42 office market research shows that there are several deals close to completion which will see an increase in transactions and boost the outlook for Q1 and Q2 2024.

Take-up throughout 2023 totalled 133,337 sq ft across 33 transactions, compared with a 10-year average of 295,269 sq ft. The largest transaction of 2023 was to serviced office provider Orega, which took a 30,633 sq ft space at Ingenuity House at Bickenhill Lane, Solihull in Q3.

Atrium at Ingenuity House at Bickenhill Lane, Solihull where Orega took 30,633 sq ft space - KWB's Q4 Solihull and M42 office market and 2023 annual report
Atrium at Ingenuity House, Bickenhill Lane, Solihull

Of the year’s 33 transactions, 27 were for space under 5,000 sq ft mainly at Birmingham Business Park, Coleshill or Solihull town centre, which are sites offering easy access to the M42 corridor.

Q4 of 2023 saw eight deals totalling 26,627 sq ft, representing 20% of annual take-up. Q4’s largest transaction was to another serviced office provider, IWG, which signed up to 13,430 sq ft at 6060 Knights Court on Birmingham Business Park.

Also joining IWG at Knights Court in Q4 was civil engineering company, Galldris, which took 3,057 sq ft, marking the second largest transaction of the quarter.

Aerial at Birmingham Business Park which saw 3 transactions during the Q4 Solihull and M42 office market report
Birmingham Business Park

Malcolm Jones, Director of Office Agency at KWB, said: “While the Solihull and M42 office market remained active throughout 2023, neither this nor the Q4 figures were representative of the activity currently in play considering the number and size of deals nearing completion at year end. These will carry over into 2024, helping deliver a healthy Q1 and Q2.

“Trends continuing from 2023 into 2024 include the prominence of transactions in the serviced office and education sectors and demand for space that prioritises health and wellness and access to the transport network. The 14,792 sq ft newly refurbished Nelson House at Blythe Valley Park, which recently hit the market, ticks both the wellness and accessibility boxes and we expect it to be snapped up very soon.

“With very little freehold space in the current market, there is low supply and high demand. So if you’re thinking of selling or have a lease break coming up, now is a good time to make a move.”

Malcolm Jones

For more details on KWB’s office market research or landlord or occupier advice, contact Malcolm Jones on 0121 233 2330 or mjones@kwboffice.com.