West Midlands Office Market bounces back strongly
The West Midlands office market is bouncing back strongly as the UK continues to follow the roadmap out of lockdown, according to Commercial Property Consultants - Burley Browne.
Several lettings, totalling 17,000 sq ft, have recently been agreed by the West Midlands based property experts in areas including Lichfield, Knowle, Droitwich and Sutton Coldfield, with more deals in the pipeline.
Chartered Surveyor - Steve Hannaford said - "it's very pleasing to see that the office market is improving and is in contrast to the predictions made in 2020 that offices would become redundant with the move to more flexible and homeworking.
Since mid-February, when the roadmap was announced, we have seen enquiries pick up significantly from all types of occupiers looking for space including those who are new businesses, relocating to better quality offices and those looking to expand their services.
Amongst them are small businesses that are bucking the economic downturn caused by the pandemic and driving demand for office space."
Lettings in the last month include a relocation of a care company 1,300 sq ft offices in Tamworth Town Centre and the relocation of a property services occupier to 1,680 sq ft in Lichfield from Rugeley. In addition, a serviced office provider has agreed a lease on 3,300 sq ft at the established Lichfield South office development on the A5 Wall Island near to Lichfield. Other office deals provisionally agreed include 850 sq ft in Droitwich to a well established healthcare operator who are relocating their offices and administration side of the business.
Steve added - "Whilst there are some signs of businesses looking to downsize and those still working from home, it is really encouraging to see on the flip side that there are many people looking for office space and enquiries are really looking up in the 500 sq ft to 3,000 sq ft sector. It is a good early indicator that confidence is returning to the market".
Burley Browne is one of the West Midlands leading independent commercial property consultants. Providing a comprehensive range of commercial property services to a wide variety of clients, which include, private individuals and small businesses, through to pension funds, banks, property investors and developers, multi-national companies and national retail and leisure operators.
From its Sutton Coldfield Head Office, Burley Browne is unique in providing specialist knowledge of the North Birmingham and Staffordshire areas (which include Sutton Coldfield, Lichfield, Tamworth & Walsall), whilst also serving the wider West Midlands Region.