Competition Ripe in Birmingham’s Colmore Office District
Competition among office providers and landlords in central Birmingham’s Colmore office district is encouraging upgrades to buildings, which is good news for clients seeking space in the area.
In the conventional office sector, work has recently been completed on Colmore Gate’s ground floor area, which was carried out by JDI Interiors alongside project managers Tuffin Ferraby Taylor. The redevelopment of this floor of the office property has been specifically completed as part of a programme to keep the building competitive within the popular business district.
According to the Birmingham Post, project manager Anthony Aldritt of Tuffin Ferraby Taylor commented that the alterations to the ground floor has also been supported by the “on-going refurbishment of some of the upper floors”, containing office space.
He added: “The works have greatly improved the propertyΓÇÖs profile with perspective tenants. The new entrance makes a statement and allows the building to have a greater impact on the surrounding environment.”
Recent figures from Cushman & Wakefield‘s Q3 2010 Birmingham Office Market show that in the conventional office market, “overall supply levels remain high and so it is still a tenant friendly market.”
Although supply levels in Birmingham fell marginally in the 3rd quarter, with Grade A space reportedly showing the worst decline, this high level of supply would likely be driving the rate of competition in areas such as the Colmore business district.
The report states that in terms of demand, the number of new “serious” enquiries is limited, and “many occupiers continue to re-gear their leases with existing landlords.” This suggests that landlords would be keen to hold onto existing tenants, and carrying out refurbishments of the property would be a natural incentive to encourage tenants to renew their leases.
In the serviced office market, the dominant player in the Colmore business district is Orega’s Mezzanine-level centre in the Colmore Plaza office property – formerly the Birmingham Post and Mail Tower building.
Following an impressive refurbishment of the building in 2006, Orega launched their business centre in November 2009. The centre offers high-quality furnished space for clients to rent on flexible terms, and a professional environment complete with key services and facilities such as meeting rooms.
Find out more about the business centre on Colmore Row online at officebroker.com.