Birmingham
Take-up
TOTAL TAKE-UP IN QUARTER (SQ FT)
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
TAKE-UP (SQ FT)
Source: Avison Young
Q2 take-up totalled 243,652 sq ft, 16% below the 10-year quarterly average.
City centre take-up was 13% below average levels, whereas the out-of-town market was 5% below.
Key deals included:
- National Highways’ 58,697 sq ft lease at Three Snowhill;
- Fujitsu’s 17,631 sq ft lease at the Blake House;
- Cushman & Wakefield’s 11,596 sq ft lease at 1 Colmore Square.
Over the past four quarters, financial services, professional services and TMT and Creative have been the most prominent sectors, together accounting for 68% of take-up.
The city’s prime rent increased to £43.25 per sq ft, growing 5% over the past year.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
Quarterly change
Source: Avison Young
12 month change
Rent free months (10-year lease)
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
Availability
AVAILABILITY RATE
CHANGE ON LAST QUARTER
CHANGE ON LAST YEAR
AVAILABILITY (SQ FT)
Source: Avison Young/CoStar
The availability rate fell by 165 basis points during the quarter to 9.1%. Premium quality space is undersupplied, with the grade A availability rate at 2.4%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 397,000 sq ft is available in schemes under construction due to complete by 2025, including King Edward House, 19 Cornwall Street and 3 Chamberlain Square, Paradise.
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