KWB’s latest report on the Q3 Solihull office market reveals several deals are set to be completed before the end of the year.
KWB’s M42 and Solihull office market research says there will be four deals totalling more than 50,000 sq ft in sectors ranging from technology to financial services.
The deals are an encouraging sign that the market is highly resilient after quieter quarters this year due to a combination of low availability and caution from occupiers in challenging economic circumstances.
The largest deal in the Q3 Solihull office market saw serviced office operator, Orega take 30,633 sq ft at Ingenuity House near Birmingham Airport. The company is set to open a high spec flexible workspace of 550 workstations on the ground and first floors in January 2024, with a major financial services business already secured for 150 desks.
Q3 saw just four other transactions:
- 5,737 sq ft to Energym at Highlands House
- 2,432 sq ft to Mercury xRM at De Montfort House
- 2,103 sq ft to JBA Consulting at Coleshill House
- 592 sq ft to ILP Partners at 39 Dominion Court
Malcolm Jones, Director of Office Agency at KWB, said: “With just five transactions taking place in Q3, the M42 and Solihull office market achieved half the number of deals of the previous quarter.
“Availability in Solihull has been a restrictive factor in 2023, so far. It’s a market that has seen high demand and take-up, meaning there are few opportunities for new companies to take space.
“But the best quarter of the year is still ahead, with four significant transactions set to deliver over 50,000 sq ft of take-up in the final quarter.
“As reflected by the deal with Orega at Ingenuity House, we can also expect to see increased demand for flexible space as occupiers take a more cautious approach to their office space decisions.
“Smaller stock continues to be hard to find in the Solihull office market and this is an important opportunity for landlords with vacant office buildings. Properties that can be refurbished to offer high quality suites under 3,500 sq ft will address the shortage.”
Click here to read the full KWB Solihull and M42 office market research. For more details or to discuss your office space requirements, contact Malcolm Jones at firstname.lastname@example.org, or on 0121 233 2330.