Office space Birmingham city centre – quarter 3 2013 take-up
The quarter 3 research statistics reflect a very busy quarter with the highest number of transactions for office space in Birmingham and Edgbaston since Q3 last year.
The latter half of the year is again proving to be the busiest part of the year for office space in Birmingham and Edgbaston. The steady increase in activity, populated with a number of medium-size transactions, demonstrates consistency in a less volatile market.
Professional services, training and property-related occupiers bolster the market
Professional services and training organisations have become increasingly busy this quarter. Allianz has expanded out of its base at Trinity Park near Birmingham Airport and into Colmore Plaza offices in Birmingham city centre. JTL, a provider of training for the electrical, plumbing, heating and ventilating trades, has opened its new £1m training centre at Mill Wharf in Aston to provide a training base for up to 144 apprentices.
Property-related office moves – namely Glancy Nicholls Architects, Nolan Associates civil engineers, Bruton Knowles commercial property agents, Chapman Bathurst building services consultancy, Shepherd Construction, Chatham Billingham property investors and Birmingham Properties Group – all demonstrate increased activity within the property industry.
Largest number of transactions for office space in Birmingham over 10k sq ft for a year
There were five transactions for office space in Birmingham over 14,000 sq ft this quarter, representing the highest number so far this year – and the largest number of transactions over 10,000 sq ft for a year. In fact, if we take Deutsche Bank’s 134,000 sq ft out of the figures just for the purposes of comparison, there has been a noticeable absence of top end transactions until this latest quarter.
The average size of transaction is also much improved this quarter over the first two quarters – 4,665 sq ft compared with 3,499 sq ft (excluding Deutsche Bank) – an increase of close to 1,200 sq ft per transaction.
Increased business confidence leads to increased transactions for office space in Birmingham
This level of activity can only demonstrate increased confidence in the economy. With the property sector having been particularly hard hit over recent years, it is encouraging that so many in this sector now have the confidence to move. It’s a similar picture with legal companies and consultants.
In terms of the outlook for the rest of the year, whilst there aren’t too many companies in the market with particularly large requirements to be completed by the end of the year, there are plenty of requirements for c. 5,000 sq ft.
Office space in Edgbaston and Birmingham Jewellery Quarter
Edgbaston has continued to show signs of steady activity with four transactions for office space in Edgbaston totalling 10,500 sq ft.
Demand for office space in Birmingham Jewellery Quarter remained consistent for those companies not necessarily wanting to be located in Birmingham city centre core. For example, Glancy Nicholls’ move to The Engine Room at Newhall Square would not perhaps suit traditional office occupiers but represents fantastic workspace for a firm of architects, being a grade II listed building formerly part of the Science Museum.
See full details of the transactions for office space in Birmingham city centre and Edgbaston.