Midlands office market in "impressive comeback"
There has been an "impressive leap" in the value of office deals throughout the Midlands, Cushman & Wakefield (C&W) has said. However, the firm warns this has "masked an adverse reaction to an overheated market".
Figures from C&W show that the £265m-worth of Midlands office transactions completed in the first half of 2010, is close to the £309m recorded in the whole of 2009.
This was partly buoyed by the sale of One Snow Hill in Birmingham to overseas institution CommerzReal. The South East was the UK's leading region with £585m in transactions in the period.
Across the UK the total was £1.6bn, a 90 per cent rise on the same period last year.
Scott Rutherford, head of C&W’s Birmingham office, said: "There was a lot of activity at the end of last year and prices went up accordingly.
"However, everything had in fact got too ‘hot’ and there has been a reaction from the market, which has seen prices coming down again to a more realistic level."
