Birmingham Office Space Prices Bounce Back
Flexible office space throughout Birmingham, often used as central offices by local SMES and satellite offices by the larger corporate organisations operating within the city, increased by ┬ú160 in February to reach a cost of ┬ú378 per workstation. This peak price, the highest seen for over 6 months, followed an 11 month low of ┬ú218 per workstation in January 2010.
While this upswing in price will certainly benefit BirminghamΓÇÖs serviced office providers, who along with providers from throughout the West Midlands experienced a 21% decrease in workstation costs during 2009, it is also a positive sign of the shape and size of business activity within the region.
With confidence levels on the rise, greater numbers of businesses have begun searching for flexible and conventional office space bringing a squeeze on supply levels within the city.
It is this tipping balance of supply and demand that has undoubtedly helped to drive the increase witnessed in workstation costs. These higher prices may also point toward businesses returning to higher grade accommodation, often abandoned as an unnecessary luxury during the onslaught of recession.
Officebroker.com will publish full quarterly findings in its Q1 2010 Serviced Office Review Series. These free industry reports will be available in Mid-April from the Stats & Facts section of the officebroker.com website.