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
Q3 take-up reached 409,339 sq ft, which was 68% above the previous quarter and 46% above the 10-year quarterly average.
City centre take-up totalled 348,690 sq ft, representing the highest quarterly take-up since 2017 and 88% above the 10-year average whereas the out-of-town market was 15% below.
Key deals included:
- Aston University’s 189,053 sq ft lease at 100 Woodcock Street;
- GBS leasing of 68,192 sq ft at 1 Brindleyplace;
- BNP Personal Finance’s 29,129 sq ft lease at the AIR building , 35 Homer Road.
Over the past four quarters, Government and Services , Professional Services and Financial Services have been the most prominent sectors, together accounting for 77% of take-up. The Education sub-sector, part of the Government and Services sector, had the two biggest deals of Q3 take-up.
The city’s prime rent remained unchanged at £43.25 per sq ft, with expectations of further growth before year-end.
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 only 10 basis points during the quarter to 9%. Premium quality space continues to be undersupplied, with the grade A availability rate at 2.3%.
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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