Property
Strongest period in two years for office market
Birmingham’s office market enjoyed its strongest period for two years during the third quarter of 2017 – with 402,000 sq ft of deals completed. While the Government’s
commitment to the 240,000 sq ft, 3 Arena Central represents the largest single transaction, activity has been diverse. According to the latest edition of
GVA’s quarterly Big Nine research, the city recorded six medium-sized deals over 10,000 sq ft and continued to experience interest from the serviced office market, with Instant Offices completing three deals totalling 40,000 sq ft on Cornwall Street in the city core. Birmingham remains a key focus
for inward investment, with lawyers Hogan Lovells taking 23,400 sq ft at Ashby Capital’s Colmore Building and recruitment firm Allegis committing to 7,500 sq ft at CEG’s Alpha Tower – both fulfilling regional expansion requirements from London. Further underscoring the current rush of activity, IM Properties’
companies driving strong interest in the serviced office market. “The Government’s commitment
to create a new hub for HMRC and the Department for Work and Pensions at Arena Central and inward investment from the professional services sector demonstrates how Birmingham continues to be seen as an appealing destination for inward investment. “With a minimum of 150,000 sq
Good year for offices: George Jennings
redeveloped 55 Colmore Row has set a headline rent of £32.50 psf, a peak not seen since the pre- recessionary period and one that GVA anticipates may increase. George Jennings, from GVA’s
offices team, said: “This year continues to offer some interesting opportunities for the city, with requirement from HS2-affiliated
ft of deals to complete in the last quarter of the year, total take-up for 2017 is likely to reach and in all probability exceed 800,000 sq ft, making it the third best year for the city on record. “At the moment there’s just over
300,000 sq ft of immediately available new Grade A stock, representing around one year’s supply. “A further 600,000 sq ft being
developed speculatively at 1 and 2 Chamberlain Square and Snowhill, which will bring a further two years’ supply when these schemes complete in 2019.”
Sector Focus
Wakemans is Lloyds’ expert
Property and construction consultancy Wakemans have been appointed by Lloyds Bank to act as monitoring surveyor for 10 development projects around the West Midlands. The appointment is part of a
long-standing relationship with the real estate team that spans more than 10 years. The projects
vary in value from £2m to £10m and include a mix of residential and commercial sites. Wakemans director James
Shelley (pictured) said: “We are delighted to continue to provide services to Lloyds Bank. “The monitoring role is an
important one as we act as an independent and impartial advisor on our client’s behalf. “We monitor the
performance of the developer and the construction as well as identifying and reporting against the risks associated with the proposed development.”
December 2017/January 2018 CHAMBERLINK 49
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