Birmingham commercial property is booming
A short look on the Birmingham commercial property sector which is seeing astonishing growth in 2023.
Birminghams commercial property market has been one of turbulence and resilience in the last two decades and with the second city firmly cementing it’s spot as the place to be outside the capital, businesses and individuals alike are setting up shop in the midlands as investment booms in the region.
The Birmingham Office
In the last 6 months of 2022, Birmingham seen a 19 percent growth in office take up, despite the new hybrid working systems taking over the regions offices post covid. Over 210,000sqft of office was snapped up in the last quarter of the year and according to JLL, public administration was the driving force of the take up – accounting for 27 percent of the activity.
Across the year, Birmingham was the only city in the UK to outperform it’s 5 and 10 year averages for office take up.
An outlook on the city
Over the whole region, Birmingham and its towns are seeing expansive investment and regeneration in every nook and cranny of the city. From Digbeth and its residential rising to HS2 works on the eastern fringe and the NEC masterplan creating 5,000 homes and 3,500 jobs in the area. As West Midlands commercial property agents, this is great news.
The outlook is positive and investors alike are flocking funds and start ups to the city. Birmingham has the highest number of start ups in the UK as of 2022 and funding from the commonwealth games only buoys this further with an estimated 57 million sets of eyes watching the cities opening ceremony last year.
Playing our part
Shepherd Commercial are delighted to be facilitating investment in the region and its communities and through sustainable management, we aim to cement the footings of Birminghams continued regeneration alongside our clients and their goals.
Elevating assets and tailoring property solutions to fit our clients and their needs is at the core of Shepherd Commercial.