Office take up boost for Birmingham
Take up figures in Birmingham's prime core office market could reach their highest levels since 2008, according to real estate adviser Savills.
Its latest office market bulletin for the city claims take up in the market could reach 450,000 sq ft by the end of 2011 - the highest recorded in three years.
Nick Williams, director of offices at Savills, said: "Take up figures so far this year are up 23 per cent on the same time in 2010.
"With two significant lettings in the last quarter of the year to accountant Grant Thornton and The Law Society, we anticipate that we will exceed 2010 numbers by up to 40 per cent.
"Whilst the market remains highly challenging, the supply demand dynamic is changing and this will start to impact on deal structure."
But a lack of development pipeline continues to have an effect on the supply of grade A space, according to Savills, as it accounted for only 52 per cent of total supply in the third quarter of 2011. This was down from 66 per cent at the end of 2009.
Savills reports that prime rents have remained consistent at £28.50 throughout 2011.
