Birmingham office space enquiries show resilience against recession
According to officebroker.com enquiry statistics for the first half of 2008 and 2009, Birmingham has maintained a strong level of office space enquiries throughout the first two quarters, and into the start of Q3.
The figures have even exceeded some of those recorded during the same period in 2008 – which shows that as a location for serviced office space, Birmingham has the ability to maintain a high level of enquiries despite the continued turbulent economy.
The graph below shows how Birmingham office enquiry levels have performed over the year to date compared with the same period last year:
Birmingham office space enquiry levels to date (2008 v 2009)
Percentages were found by breaking down the enquiry figures for each of the first seven months of the year, for all ΓÇÿBΓÇÖ postcode enquiries.
As shown by the graph, 2009 office space enquiries for Birmingham were down in the first quarter and the start of the second quarter, compared with the same period in 2008. However, the figures picked up from the middle of Q2 onwards, and into the start of Q3. In fact, July produced the highest amount of enquiries of the year so far – second only to January 2008 which was the year’s peak.
Cost per desk in Birmingham serviced offices
Part of 2009’s positive enquiry levels could be attributed to a reduction in the average cost per person of an office in Birmingham. It is common knowledge that in order to remain competitive and to attract businesses during the recession, many office providers have been forced to reduce their monthly rental values – and Birmingham is no exception.
The average cost per person for an office in Birmingham in the first half of 2008 was ┬ú339, while the same period in 2009 was ┬ú251 – providing businesses with a significant monthly average saving per person of ┬ú88.
However despite a difference in cost, the trends associated with office space enquiries in the UK’s second city appear to be fairly similar with last year. As shown by the below graph, the average cost per desk (otherwise known as workstation) of an office in Birmingham follows much the same pattern as that of 2008.
Peaks and troughs are mirrored, although a slight surge at the start of 2009 Q2 (April) produced a spike in enquiries which was experienced slightly later in 2008, and was more subdued than that of 2009.
Graph showing average cost per workstation of an office in Birmingham
This graph shows that May 2008 was the city’s most expensive month. This correlates with a sharp decline in enquiries for the same period – in fact, May last year produced the smallest amount of enquiries, the result of which could be a combination of high rents, and the recession taking hold.
In contrast, 2009 has seen a positive upward curve in enquiries from February onwards. While it’s possible that this could be because the rental values have not yet reached that of last year, Birmingham has always maintained popularity as a location for office space. Even the spike in rental values in April this year didn’t deter businesses – as 2009’s enquiry levels continued to increase steadily.
So what is the cityΓÇÖs secret to success?
Birmingham holds many appeals for businesses seeking a location for serviced office space. Not least, as the UK’s second city, Birmingham is a sprawling metropolis which is home to a huge number of businesses from a variety of sectors. A recent report by officebroker.com shows that Birmingham is by far the most popular location for small businesses outside of London. Furthermore, an investigation in June also highlights the city’s popularity, as figures show that the majority of businesses enquiring about UK office space chose Birmingham, which was second only to Central London.
Home to one of the UK’s largest airports, as well as a well-polished transport system incorporating excellent road and rail networks, Birmingham is a highly accessible city. Its base in the West Midlands is beneficial, as businesses can take advantage of direct train lines to reach London in just over an hour, and use the location as a springboard to reach other areas of the UK.
Serviced offices and apartments in Birmingham
With officebroker.com, we’ll help you to find serviced offices in Birmingham in your preferred location. Whether it’s offices in the Jewellery Quarter, Broad Street, or outside the city, you’ve come to the right place. officebroker.com will also assist you in your search for serviced apartments, which we offer in partnership with MoveandStay. You can find out more and get pricing details for apartments in Birmingham, the UK and internationally – just visit our serviced apartment page for more information.
What’s more, if you’re looking for serviced apartments in Birmingham city centre, officebroker.com recommend City Nites for further choice of affordable accommodation in the UK’s second city. Specialists in serviced apartments, City Nites offer comfortable, well-managed self-catering accommodation – perfect for business trips, days out, or for accommodating corporate guests. Go to www.city-nites.com to find out more.
To find out more about serviced office space to rent in Birmingham, visit officebroker.com to find and compare offices. Alternatively, let us do the searching for you, by contacting one of our office space consultants for free expert advice.