Upward trajectory continues for Birmingham office market | Midlands property news

Birmingham’s office market continues to rebound in 2022, according to strategic property adviser Avison Young, with the firm anticipating a “very positive” year for the city.

Take-up increased 9% in the first quarter of the year compared to the last quarter of 2021, totaling 260,444 square feet. Seventy-five percent of transactions during the period were for Class A office space.

The same upward trajectory is seen in the periphery market, which saw a 14% increase.

Notable first quarter deals included the Birmingham debut of coworking provider Cubo Work in with 24,300 square feet of space in Two Chamberlain Square, as the government continues to build its presence in the city.

The Office of the Public Guardian recently signed a deal for 27,000 square feet of space at Victoria Square House, and last year the Department for Work and Pensions acquired the rest of the space in Building B1 in the jewelry district, where it now occupies 65,000 square feet. ft.

Carl Potter, Principal and Managing Director of the Birmingham office at Avison Young, said: “Birmingham continues to prove its resilience, with growing confidence in the market showing in the first quarter of this year.

“Beyond the volume and surge in activity, demand for Grade A space continues, and we are delighted to see Birmingham responding to this with a healthy supply of quality options to come now and later. This year.

“New and existing investors are claiming their place in the city, and if this upward trajectory continues as expected, 2022 will be a very positive year for Birmingham.”

Jose C. Birney