15 March 2017, by Clare Bailey
2016 take-up was a year of two halves for the Birmingham city centre office market
■ Take-up in the CBD ended the year at 670,000 sq ft, hitting the five-year average. Birmingham city centre office market was a year of two halves in terms of take-up in 2016 with the first half the best on record.
■ Take-up in Solihull/ M42 corridor has started to see a resurgence over the last 12 months.
■ Refurbishments will help ‘plug the gap’ while the city waits for new developments to complete.
■ Business parks are now looking to create a more appealing offer. Blythe Valley Business Park has listened to the needs of the worker and is creating a desirable mixed-use scheme.
■ The first quarter of 2017 has already seen £300 million transacted in the investment market with the key deal being Brindleyplace.
■ Birmingham office prime equivalent yields currently stand at 5.25% where we expect them to stay during the first half of 2017.