Office space Solihull and M42 corridor – quarter 3 2012 take-up
KWB enjoyed a flurry of lettings for office space in Solihull and the M42 corridor, transacting 75% of all office space transactions concluded within the area for quarter 3. The area south of the M42, including Redditch and Bromsgrove, remains active – and has done in recent years – with office space occupiers coming from a broad range of business sectors.
Whilst KWB has enjoyed good success in quarter 3, office space enquiries dropped notably over the summer months, which were disappointing after a record-breaking level of take-up for M42 and Solihull office space, particularly in quarter 1 this year. The prime area between junction 4 and 6 of the M42 proved most challenging but we remain confident that take-up for M42 and Solihull office space will significantly improve in the final quarter.
Office occupiers only looking to relocate when there is a genuine need
Drawing a comparison with Birmingham city centre, market conditions in the M42 and Solihull office sector lack consistency. Business confidence remains high but office occupiers are only looking to relocate when there is a genuine need, either through office lease breaks and expiries, outgrowing existing office space or the need – and opportunity – for cost reductions.
Solihull and Worcestershire economies remain strong
The Solihull and Worcestershire economies remain strong, especially Solihull, with good demand from automotive, aviation and digital media companies. In summary, whilst quarter 3 overall take-up for M42 and Solihull office space is disappointing, we anticipate this being rectified before the end of the year.
See full details of the transactions for office space in Solihull and M42 corridor.