Explore Flexible Office Space Solutions in and around Bimringham
Office space markets worldwide struggled to grow following the onset of the recession and the subsequently difficult economic environment. However, according to local real estate experts at the commercial property consultants GVA, rental activity in the M42 corridor returned to pre-recession levels in 2012.
The district takes its name from the motorway that leads out of Birmingham and towards London and the South-East of England. Offices in the area are categorised as being out-of-town and tend to be rented within a larger purpose-built business park.
According to GVA, the office rental deals in the M42 corridor involved a total of 422,899 sq ft of space in 2012, a figure notably higher than the 300,000 sq ft recorded four years before.
“Since 2008, activity levels have been in an understandable state of decline, so this is an exceedingly optimistic start to 2013,” said GVA associate Adrian Griffith.
“It is too early to say for certain that this will be a strong year; however, there are currently a number of transactions and enquiries in solicitors’ hands that are leaning towards a strong first quarter.”
Griffith noted that employers in engineering services, the automotive industry, and biomedical companies are the leading sources of demand for office space in the M42 corridor.
“It is a safe bet that the marketplace will remain active, and there will still be some exceedingly decent deals available for both occupiers and landlords,” he concluded.
Editor’s notes: A report published by the Greater Birmingham Chambers of Commerce in May 2024 stated that the M42 office market enjoyed a positive start to 2024, delivering a take-up of 38,645 square feet across nine lettings transactions.
The largest deal of the year’s first quarter was specialised recruitment consultancy, Robert Half, taking 11,001 square feet of office space at AIR in Solihull town centre.
The second largest deal saw St James’s Place Wealth Management Group take 9,272 square feet of office space at One Central Boulevard on Blythe Valley Business Park, located at J4 of the M42.