A Good Start? Q1 Birmingham Office Take-Up Upticks
Birmingham's office market is recovering. Maybe.
New data from the Birmingham Office Market Forum shows that in the first quarter of 2019 the number of deals rose very slightly compared to Q1 2018, to 25 in the Birmingham City Centre office market. The total transacted was 194K SF.
The first quarter has been on a gradual if lumpy upward trend since 2014, when take-up was just 102K SF. The record is 284K SF in 2016.
The largest deals were the 72K SF Commonwealth Games-related letting at One Brindleyplace, and the 47K SF letting to Irwin Mitchell at the Colmore Building. Excluding these two deals, average deal size is 3.3K SF.
"This was an encouraging start, boosted by a couple of larger deals," BOMF Chair and JLL Director Jonathan Carmalt said.