Property consultancy Vail Williams has produced its Birmingham Property Market Report and believes the city will go on booming as the likes of the Commonwealth Games and HS2 thrust it into the spotlight in 2022.
The report, authored by Regional Managing Partner Carole Taylor and Associate Charlotte Fullard, reviews commercial property activity in the UK’s second largest city from January to October and looks at likely trends for next year.
Carole, who has over 30 years’ experience of the Midlands property market, said: “Birmingham is worlds apart from where it was five years ago and has continued its renaissance throughout 2021, despite the pressures of the pandemic.
“With several new development schemes in the pipeline, the advancement of HS2 and the imminent arrival of the Commonwealth Games to the Birmingham, this uplift is likely to continue to translate into inward investment and office market activity.”
She also cited ongoing infrastructure improvements to expand the city’s traditional central business district (CBD) and schemes including Paradise, Arena Central, Centenary Square and Brindleyplace, plus the high-rise 103 Colmore Row as having a positive effect.
Indicators from Birmingham Office Market Forum revealed that the city office market was returning to pre-pandemic levels.
Carole added: “New development and the refurbishment of existing stock, together with the growth of existing occupiers in the city, is driving the office market here which is attracting a wealth of new occupiers.