Availability of Solihull office space is set to improve, bringing much needed new options for occupiers. Expected office availability in Solihull is higher than current stock levels, as several large occupiers agree deals on new office space. As a result, multiple office units over 60,000 sq ft are expected to come to market.
Consequently, occupiers will be able to evaluate their office space needs and enter the market. These office buildings come to market at a time of short supply in the Solihull office market, which has had limited recent transactions.
Our Solihull & M42 Q3 office market research shows that nearly 230,000 sq ft of newly vacated and refurbished office space is coming to the market, including:
- AIR, a 70,000 sq ft office building on Homer Road, which has been undergoing refurbishment
- 61,000 sq ft Portland House recently vacated by Tarmac Trading
- 60,000 sq ft at One Central Boulevard at Blythe Valley Park
- 37,000 sq ft at Blake House on Eagle Court Business Park
Conversely, the lack of readily available office space produced a modest Q3 total. Transactions for this period totalled 38,147 sq ft across eight lettings, which was only slightly larger than Q2.
The largest letting was to Tarmac Trading, which took 17,285 sq ft at T3 Trinity Park, representing 45% of activity. This was followed by M&E contractor Enerveo and sports clothing and footwear brand Brooks Running, securing 4,492 sq ft and 4,044 sq ft respectively at Eagle 2 at Eagle Court.
Malcolm Jones, Director of Office Agency at KWB said: “With a quiet period in lettings driven by a lack of supply, it is somewhat of a relief to see expected office availability in Solihull increasing. We’re seeing offices coming to the market – or on the way – totalling 228,000 sq ft.
“This office space provides much needed stock, which may loosen up the gridlock we’ve seen over recent years. We would also expect this to improve manoeuvrability for occupiers that have yet to find the right available office building to relocate to.
“It’s important, though, not to see this as a ‘sea change’ for the market. There remains a need to see new office development brought forward.”
For more information on the research, or to discuss office opportunities across the Midlands, please contact Malcolm Jones on 0121 233 2330 or email firstname.lastname@example.org.