The figures, released as part of the quarterly Big Nine report, covering city centre and out-of-town activity in the UK’s nine largest regional cities, show that the Birmingham city centre market recorded the largest take-up of any regional English city, a 52.6% increase on the five year quarterly average.
In total, 284,697 sq ft of lettings took place in the city centre, supported through a number of large-scale deals including the 90,000 pre-let of One Chamberlain Square at Paradise to PwC on a 20 year lease and Pinsent Mason’s 40,500 sq ft at the redeveloped 55 Colmore Row.
Charles Toogood, senior director at Bilfinger GVA, said: “This unprecedented level of activity in the city centre market is a clear demonstration of the ongoing demand within Birmingham, both from inward investors looking to expand into new geographies and indigenous professional services firms seeking better accommodation.
“Overall, activity in the city has been phenomenal with considerable construction activity underway and M&G’s speculative development of the 420,000 sq ft Three Snowhill, the largest speculatively developed office scheme in the regions, contributing to the high levels of market confidence.”
Nationally, city centre and out of town take-up amounted to 2.3m sq ft, 13% above the five-year quarterly average.
City centre total take-up comprised 1.47m sq ft, 17% above the five-year quarterly average, while out of town total take-up amounted to 0.86m sq ft, 7% above the five-year quarterly average.