Spring Blooms: Birmingham's Out-Of-Town Office Market Is Back In Business
First the city centre market blossomed into life. Now the sap is rising on Birmingham’s out-of-town office market.
A 37.5K SF letting to an unnamed government agency provides the evidence that spring has arrived.
The deal at Birmingham Business Park saw the agency sign up for two buildings of 22K SF and 15K SF, respectively, Birmingham Live reported.
The deal with landlord Savills IM is significant in the scale of a market that is recovering from a flat-on-the-canvas starting point in 2020.
Avison Young data showed take-up in 2020 amounted to around 135K SF, doubling to 268K SF in 2021. That means the latest deal accounts for 14% of take-up, if 2021 levels of deal-making were to be sustained.
The signing also indicated a change of direction for a market dominated, until now, by professionals and corporates who need quick access to the motorway network. The top deals of 2021 saw facilities manager Mitie taking 323K SF at Trinity Park, whilst at Birmingham Business Park Citibase signed up for 28K SF and Rivus Fleet for 12K SF.
