Facebook - Birmingham Business Twitter - Birmingham Business Instagram - Birmingham Business
https://edgbaston.com

More big office deals for city

Birmingham boasted two of the three largest office acquisition deals across regional markets in the third quarter of 2019, according to real estate advisory firm Avison Young’s latest research.

The Government Property Agency’s 110,800 sq ft letting at city centre Platform 21 building and automotive manufacturer ZF’s take-up of 90,000 sq ft at Solihull’s Blythe Valley Park join JP Morgan’s One Central project in Glasgow to make up the three largest office deals of the quarter outside London.

ZF’s plans to build 90,000 sq ft of office space at Blythe Valley Business Park was the largest out of town acquisition from across the Big Nine cities, the UK’s key regional real estate markets - Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester, and Newcastle. Alongside a handful of deals in the M42 corridor, this leaves Birmingham on track to exceed the 10-year annual average for office take up by the end of 2019.

Birmingham was also home to the largest amount of new stock completing speculatively in the second half of 2019 – proving the appetite for strategic long-term property in the city in the face of political uncertainty.

Charles Toogood, Avison Young’s principal and managing director, National Offices, said: “Q3 builds on a strong 2019 for Birmingham, with the city performing impressively against 10-year averages for take-up and new supply volumes. The Three Snowhill and Two Chamberlain Square developments, at 370,000 sq ft and 167,000 sq ft respectively, mark two of the three most substantial speculative projects set to complete by the end of the year.”

Due to join the 1.16 million sq ft of office space currently under construction is a new Hub for BT Group, expected to exceed 200,000 sq ft. This will become one of eight new office locations for the firm. This is alongside the Platform 21 site which will be developed to house around 1,700 civil servants as one of 14 new Government hubs.

Pictured: Charles Toogood

City centre office deals are signed

Brindleyplace drives the market thanks to quality and variety of space on offer

2nd July 2019

Bumper number of deals for property experts

Consultancy enjoys successful period of business

1st November 2019

New housing plan gets the go-ahead

Crest Nicholson gets green light for Shirley development

18th October 2018

RSM takes top spot

Corporate finance team climbs league table

5th November 2019

New investor focuses on SMEs

Inspirit Capital identifies Midlands opportunities

11th December 2019

£140m city office sale is sealed

Deal is largest in the region this year

4th June 2019

Partnership will develop young talent

Organisations join forces to build strong business skills

15th May 2019

Are business space rents out of reach?

Property consultant calls for recalibration of space in Jewellery Quarter

10th April 2019

Property investment company continues to deliver

Birmingham firm sees good profit growth

28th October 2019

ART share offer too good to ignore

Chamber boss invests in tax-efficient scheme

8th November 2019

Law firm chooses new city home

DLA Piper is first office tenant

14th November 2019

Letting agent strikes gold

Commonwealth Games team will move into Brindleyplace

16th May 2019

Tech company deal made in the Midlands

Firm is successfully sold to the US market

25th April 2019

Advertising agency roars forward with wild win

Firm secures major project for German wildlife attraction

18th June 2019

Pitch perfect

Behind the scenes at ACME, legendary whistle manufacturer

26th June 2019