Rent for Office Space in birmingham
are about to increase from their regular £28.50 per sq ft rate for the 1st time in more than 3 years, it has been revealed.
CBRE- a property consultancy points that the increase is going to happen in the rent of the office spaces in birmingham specially the one's in the prime locations.
Senior Director from CBRE's offices team - Ashley Hancox says the long period of inertia is set to change, with a £30 per sq ft headline now a realistic proposition.
Its only the Birmingham regional office market to have seen nil or slight growth in office space rents over the last few years . Rents for office space in Bristol have remained static at £27.50 per sq ft since June 2007 while in Glasgow office space rents have been stuck at £27 per sq ft.
Ashley said: “As far as Birmingham is concerned, we are looking at the imminent prospect of rental growth.
“Our historical data shows that rents in Birmingham
have peaked, then dropped, then surged back above previous peak levels as a result of a severe shortage of Grade A choice, which is now a very real prospect in the city."
“The pre-recession peak of £32+ is probably artificially high: it was achieved on just two developments – Two Snowhill and Colmore Plaza."
“But in my view the £30 threshold is now within easy reach."
“Landlords have begun to take a harder line: with prime stock depleting they are in a much stronger position and confident enough to reduce incentives,” added Mr Hancox."
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