Birmingham Commercial Property in 2023
Going forward to 2023, Birmingham is looking in great shape for a stellar year.
Despite ever growing challenges such as soaring inflation and cost of living hikes, Birminghams commercial property market looks more resilient than ever going into 2023.
At Shepherd Commercial, and as leading commercial property agents for the region, we’ve foreseen the peaks and troughs of the second cities commercial sector over the last few decades and this next year is looking more than promising. The city has seen the largest foreign direct investment in the UK (outside of London) and has budgets are squeezed in the capital, more and more firms are flocking to Birmingham for headquarters.
In 2022, Goldman Sachs re-located to the 2nd city and are snatching up the quality of professional talent the Midlands has to offer. Some 800+ staff will base from the Goldman Sach’s Birmingham Office, with the finance giant choosing a 10 year lease going into 2023.
That’s not all, Land Rover based in Solihull are performing excellently, with over 10,000 pre-orders on the new Range Rover being secured, providing almost 1.4 billion in revenue to the region.
But it’s not just the multi-conglomerates who are reaping the rewards Birmingham has to offer. The commercial property market of Birmingham is the 3rd most active in the UK in transactions and the largest number of start-ups are in its metropolitan area. Hundred’s of SME’s are being transferred to new office spaces and developments across the West Midlands and rents are stable and buoyant.
On a personal note, we’ve been facilitating these transactions for both landlords and tenants and demand for freehold has never been so high. Too much so in some cases as demand is heavily outweighing supply causing values to increase despite the hikes in interest rates. We urge landlords and property owners to routinely up date their commercial valuations to remain in line with their commercial vision.
If you’re looking to let or sell any of your commercial assets, please feel free to get in touch with us on 01564 778890 or email us at email@example.com