Birmingham Office Space Running Out
Reported today by the Business Insider, the growing number of businesses currently on the hunt for Grade A Office Space in Birmingham could cause a shortage of supply ΓÇô primarily due to the lack of new office space being built throughout the City.
The lack of office space developments planned within the City, a result of the many commercial property projects that fell victim to the recession, means that no new office space is expected to become available in Birmingham for at least 3 to 4 years.
ΓÇ£Companies wanting to move offices in Birmingham are looking at the four million square foot of space currently available and thinking ΓÇô wrongly ΓÇô that they can take their time making a decision. The opposite is true.ΓÇ¥ explained Jon Hinton, Senior Surveyor at LSH.
ΓÇ£Only 750,000 sq ft of that space is Grade A and there is very little new build in the pipeline. If the average yearly take-up of Grade A space continues at 200,000 to 250,000 sq ft, there will be a dearth of new space in the next three to four years.”
Mr Hinton also stated that the limited supply of quality office space in Birmingham City Centre would be diminished yet further if the expected Enterprise Zone is confirmed ΓÇô pushing up the price of office space throughout the City Centre as a result.