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Companies in Birmingham who wish to rent office space should do so soon or face higher rental costs or no supply, a commercial real estate company has warned.
The Birmingham office of leading consultant Lambert Smith Hampton (LSH) recently stated that in three or four years’ time there would be no available Grade A office space available in Birmingham, and only a very small amount of secondhand space.
Because there is so little new office space being built in the near future there will be a scarcity, LSH said. Currently take up in Birmingham is rising, which is another reason office space will be hard to come by in the future.
Jon Hinton, LSH senior surveyor, said: “Companies wanting to move offices in Birmingham are looking at the four million square feet of space currently available and thinking – wrongly – that they can take their time making a decision. The opposite is true.
“Only 750,000 sq ft of that space is Grade A and there is very little new build in the pipeline. If the average yearly take-up of Grade A space continues at 200,000 to 250,000 sq ft, there will be a dearth of new space in the next three to four years.”
Demand for office space will further increase if the city centre enterprise zone is given the green light, Hinton added. He went on to say that because of the lack of stock rents would increase and rent-free periods would be reduced.
The enterprise zone would entail tax breaks for employers and relaxed planning permission rules.
New employers in the zone would be in line for exemption from business rates for five years which would save them up to GBP 275,000 each.