Office space demand drops
The West Midlands suffered a decline in office space take-up in the last quarter, according to the Royal Institution of Chartered Surveyors (RICS).
Demand for tenant space declined across all regions, according to the institution’s commercial property survey, and the West Midlands demand fell significantly from 22 per cent of surveyors reporting a rise the previous quarter to 23 per cent now reporting a fall.
The survey also revealed that 2 per cent more chartered surveyors reported a rise rather than a fall in tenant demand for commercial office space in the second quarter, down from 11 percent previously.
Confidence towards future lettings of office space in the West Midlands also fell, with 18 per cent of surveyors reporting a drop, whereas 18 per cent reported a rise in the previous quarter.
