Total Q1 take-up for the Birmingham office market was 102,353 sq ft - a 10% decrease on last year’s Q1 total (113,326 sq ft). On the face of it, this is a disappointing result however, Q1’s performance should not be used as a barometer for the year ahead; the Birmingham property market is starting to feel the impact of the improving economic climate and with occupier confidence gathering pace, we expect take-up to increase as the year progresses.
The average size transaction for Q1 was circa 3,700 sq ft – almost identical to the Q1 2013 average of 3,800 sq ft. The key difference this year however, is that the majority of Q1 take-up has been secondary accommodation when, historically, it has been grade A lettings that dominate.
The average deal size suggests that Birmingham occupier activity continues to be dominated by medium sized firms.
For an annual comparison of take-up click here.