    |
|||
        |
|||
General News and Deals
Knight Frank has unveiled a new dedicated research report on Birmingham’s commercial and residential markets.
In its annual ‘Birmingham market activity report’, Knight Frank has warned that the need for a cohesive city where the mix of uses is tailored to the requirements of a city with growing global importance is vital. There is a requirement for a holistic view to Birmingham’s expansion and development.
The findings have issued a stark warning to city centre developers that new apartment developments which possess no unique selling features are facing an increasingly tough market; and with an estimated 8,000 apartments built in the city centre up to 10,000 more with or awaiting planning consent, this won’t be welcome news for many.
The commercial aspect of the report has indicated a strengthening office market for the city. Take up in the city centre has increased by 12%, prime rents have increased by 20% and overall there has been a revival in commercial development activity with continued appetite for sites and accommodation within the city centre from UK and overseas institutions, private buyers and syndicates. Furthermore, the improved perception of the city combined with anticipated prime rental growth from £32.50 psf to £35.00 psf for the Grade A accommodation is having positive knock on effects in the secondary office market.
Mark Swallow of Knight Frank’s Birmingham office said: “Birmingham is now in a position where it can respond to larger enquiries and have
More than 1.1m sq ft of accommodation is under construction in six separate schemes and this will in turn lead to job creation and population growth. In this position we are well placed to attract more high profile inward investment opportunities and drive growth across all sectors.”
Clive Dutton, director of planning and regeneration of Birmingham City Council, agreed: “As a dynamic, globally relevant city, Birmingham competes successfully with the major capitals across the world. Our commercial offer has improved greatly with Basterville House and Colmore Plaza and this will continue with Eleven Brindleyplace, Snowhill and Arena Central in the pipeline. It is vital that our residential offer follows suit – evolving to provide innovative sustainable product, we intend to drive this forward at Birmingham City Council over the coming months.
This report is a perfect riposte to this week’s coverage on the city’s ranking in the UK capital of business. Today is about objective recognition that we are creating conditions for growth for the redevelopment industry and responding by enriching the built product that helps business thrive. The facts speak for themselves – the steam of unprecedented projects in the city totals £14 bn and rising – watch this space for announcements that will take your breath away from here and abroad.”