07/04/2009
Ross Bendall comments on his recent attendance at the Birmingham Office Market Forum 2009 report launch.
2008 was a near on record year for Birmingham with total take-up pushing a million sq ft.
That substantial take-up happened during a period when perhaps the full extent and enormity of the credit crunch, and the shocks and tremors reverberating around the world’s financial markets were not perhaps quite as evident as they are today.
Take-up in 2008 was 46% up on 2007, and the feast, which the market undoubtedly enjoyed during the course of last year, may perhaps turn to famine during the course of 2009… Or will it?
Listening to the various speakers at this breakfast event, including Clive Dutton from Birmingham City Council and also CoStar, who are working in partnership with the Birmingham Office Market Forum to capture accurate market data, the City of Birmingham is well placed with a robust office market which will undoubtedly serve it well during these difficult times.
Overall, the city has some fine buildings to offer occupiers both looking to expand and capture market share in these changing times, or indeed, to rationalise and consolidate by moving to the very vest specified accommodation, better adapted for flexibility, IT/telecoms demands, and driving workplace efficiencies. Occupiers are able now to capitalise on the market conditions to secure the very best possible terms from landlords trying to let vacant space.
All of the major office buildings either already completed or coming on stream during 2009 will provide space to a BREEAM ‘Excellent’ rating – ideally suited to either private or public sector occupiers looking to boost their green credentials.
Whether 2009 will be feast or famine is very much dependent upon occupiers’ own sentiments and confidence relating to making longer term commitments. Listening to Clive Dutton speak about Birmingham’s Big City Plan and how that is a plan for the future, over many years ignoring the various vicissitudes of the economy – must instil positivity and confidence in others to follow in the footsteps of Barclays, KPMG and Wragge & Co to make 2009’s take-up higher than 2008. As the city’s motto puts it so succinctly, “Forward”.
