The central Birmingham office market is showing strong resilience, with Q3 2024 take-up figures reaching 348,690 sq ft across 23 transactions. Combined with the 48 transactions totalling 368,794 sq ft from the first half of 2024, the total take-up for the year so far is 717,484 sq ft in 71 deals. This is the highest three-quarter stage total since 2015 when HSBC opened its HQ in Birmingham.
Key transactions in Q3 include Aston University taking nearly 190,000 sq ft at 10 Woodcock Street and the Global Banking School acquiring just over 68,000 sq ft at 1 Brindleyplace. These deals highlight the importance of the education sector and the popularity of the Aston and Brindleyplace areas.
Other notable transactions include Trowers & Hamlin leasing 16,436 sq ft at 1 Snow Hill, emphasizing the strength of the service sector. The remaining 20 transactions in Q3 ranged from 1,300 to 12,500 sq ft, with significant activity in areas like Brindleyplace, Edgbaston Village, and the Jewellery Quarter.
Trends show that office specifications, such as on-site amenities and value for money, are crucial for occupiers. The market also sees a growing demand for flex/serviced office spaces, which support the start-up economy and offer flexibility for occupiers. This trend is expected to continue, with new entrants eyeing the market and landlords offering fully fitted, ready-to-go office suites to attract tenants.
