Office space Solihull and M42 corridor – quarter 2 2013 take-up
The quarter 2 research statistics of transactions for office space in Solihull and the M42 corridor are, on an annualised basis, in line with the average take-up throughout the last 5 years of c. 225,000 sq ft per annum.
The most notable difference this quarter is that, whilst we have the same number of transactions for offices in Solihull as in quarter 1, we have only 64% of the total office space in square footage due to a reduction in the average size of transaction for office space in Solihull.
2nd letting at FORE Business Park offices, Solihull
The most notable transaction was the second letting in six months in building 2 at FORE Business Park offices, Solihull at junction 4 of the M42. Whilst BAM FM is sister company to BAM Developments who built the commercial property development, they paid an open market rent on a traditional office lease.
Offices in Shirley-Cranmore-M42 junction 4 area have attracted a strong level of interest across the size range from FORE Business Park at c. 10,000 sq ft and One Cranmore Drive at c. 6,000 sq ft to The Pavilions at c. 2,000 sq ft.
Offices in Solihull continue to attract inward investment
Confirmation of Solihull’s attraction for inward investment is demonstrated by Business Juice opening a new facility of c. 5,000 sq ft at Yorke House offices. Business Juice is headquartered in Camden with no previous offices in the Midlands.
KWB completes 52% of transactions for office space, Solihull
KWB has completed over half of the transactions for offices, Solihull with more than 31,000 sq ft let or sold to businesses as diverse as BAM FM, SMMT, Business Juice and SWNS, as well as creative, IT and construction companies. This continues the trend of diversity within the Solihull office market. See KWB completes 25,000 sq ft of transactions for office space in Solihull for more information.
Positive outlook for office space, Solihulll
Whilst the size of transactions for office space in Solihull has reduced, and this latest quarter could be seen as disappointing in relation to the last four quarters, there are a number of target occupiers who have become increasingly active over the last few months. As a result, we expect several significant transactions for offices in Solihull to possibly be completed next quarter and certainly before the end of the year.
Lack of supply for Grade A office space in Solihull
If these sizeable transactions complete, we would anticipate take-up being in line with the level set by last year. Occupiers searching foroffice space in Solihull in excess of 10,000 sq ft will experience lack of choice.
Lansdowne Gate offices in Solihull provides options
Since last quarter, one notable amount of office space in Solihull is about to be brought to market. Approximately 68,000 sq ft at Lansdowne Gate offices in Solihull town centre has now been vacated by CSC relocating to Banbury. This has two years unexpired lease at a passing rent of £20.50 per sq ft and is being jointly marketed by the tenant and the building’s owner. Due to its location and high quality specification, we expect this to be of significant interest to office occupiers going forward.
See full details of the transactions for office space in Solihull and M42 corridor.
