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Birmingham Offices UK Commercial – Spring 2019 SPOTLIGHT Savills Research Birmingham Offices Occupational Investment Technology Birmimgham Office Spotlight - April 2019 £34 78% Top sectors is the top rent Grade A Take-up Business & Consumer services (42%), forecasted by the end Professional (12%), Public services education Grade A take-up reached 152,471 sq ft during Q1 & Health (6%) of 2019 2019- accounting for 78% of total office take-up. THE BIRMIMNGHAM INVESTMENT Supply is at its lowest level since our records began. MARKET OVERVIEW During the first quarter of 2019 1,200,000 4,500,000 Birmingham saw total commercial Q1 Q2 Q3 Q4 Supply investment volumes of £140 million, 4,000,000 Of that £50 million was office 1,000,000 investment, accounting for 36%. 3,500,000 800,000 3,000,000 UK institutions were the most active ) ) ft investors during the first quarter ft sq 2,500,000 of 2019, accounting for £29 million sq 600,000 (58%) of Birmingham’s office up ( - investment. 2,000,000 Supply ( Supply Take 400,000 1,500,000 Key office investment deals included the sale of Norfolk House for £20 1,000,000 million reflecting a 7.92% yield and 200,000 the sale of 2 Brindleyplace for £29.25 500,000 million. 0 0 Current prime office yield in 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Birmingham are at 4.75% having remained stable during 2018. Source Savills Research Occupational overview The outlook for the Birmingham office market - 2019 and beyond Birmingham’s 48% above the same period figures between now and office market is one in 2018 and 51% above 2020, 59% of this space Office space accounted for 1 constricted by tight supply. the long-term quarterly is let prior-to-practical 36% of commercial investment Supply currently stands average. There was a bias completion. Will 2019 be volumes during 2018. at 1.9 m sq ft, the lowest towards Grade A take-up the year of the pre-let? on record. However, what with 78% being Grade A. really stands out is the During the first severe shortage of Grade Key deals in the 6quarter of 2019 top A supply. 4first quarter of 2019 rent remained at £33 per sq included Irwin Mitchell ft, which was reflected in There has been a 33% who leased 46,750 sq ft the Irwin Mitchell letting 4.75% 2decrease in Grade of prime Grade A space at the Colmore Building. Current Prime Office Yield A supply over the last at the Colmore Building 12-months with only three and The Commonwealth However, we expect months’ worth of Grade A Games who took 72,261 sq 7 to see a growth of 3%, supply currently available. ft of Grade A space at One as top rents hit £34 per Brindleyplace. sq ft on new development At the end of the first coming through. 3quarter 2019 take-up Although the next two in the Birmingham office 5years will see a million market was 194,014 sq ft, sq ft come into the supply 58% of office investment was from Institutional Investors in Q1 Will 2019 be the year of the pre-let in the Birmingham office market? 2019. savills.com/research 1 Birmingham Office Spotlight - April 2019 The formation of a collaborative energised environment, creating a community of occupiers to cluster, is essential to attracting talent Venture capital growth in Birmingham Early and later stage fundraising, for start-up and scale-up companies, usually involves venture capital (VC) funding. Reviewing the scale of VC is a key indicator of the underlying growth prospects for new and establishing businesses. For Birmingham, during the last three-year period (2016-2018), Savills have analysed companies that have attracted VC and are headquartered or have a ‘branch’ location in the city. In total, just over a third of a billion pounds has been recorded. This is 88% higher than the preceding three-year period (2013-2015). Why does this matter for commercial property, specifically Digital transformation offices? Birmingham can offer an environment for talent to cluster and thrive. This quantum of VC will create Birmingham is positioned as one of the fastest by Bruntwood SciTech, has risen to the challenge and is headcount growth as the growing tech economies in the UK and is one of the the UK’s largest campus dedicated to digital technology companies begin to scale in a UK’s major ‘digital hubs’, with over 6,000 tech firms businesses. Innovation Birmingham has traditionally meaningful way. This higher volume employing some 38,300 people. Birmingham City served technology businesses up to circa 2,000 sq ft and of VC will eventually translate in to University has predicted that the tech and digital has a consistently strong pipeline for start-up businesses office demand in the city. It is also sector will grow by a further 14,000 roles across the and those looking for up to 1,000 sq ft. Proposals are worth noting that 2019 has already West Midlands by 2025, from its current 70,000 roles. evolving to deliver a new, state of the art technology led seen a significant level of VC. Just facility, providing grow-on space for existing tenants and the first two months of the year The city produces 25,000 graduates a year from its to also help attract new larger occupiers. have passed, but the total for three top class universities and the city retains 49% of January and February is only 8% these - contributing to a skilled & talented workforce. We see the future being a formation of collaborative below the full-year total for 2018. The high graduate retention rate has resulted in energised environments creating a community of Birmingham having one of the youngest populations occupiers to cluster with a digital focus as essential to A deal to note for 2019, is in Europe. It also boasts the fastest growing attracting talent. The city has numerous opportunities ClearMotion’s US$115m VC start-up scene outside of London, showing endless to cater for the Fintech,Technology & Media sectors as investment putting the company’s opportunities for technology companies. According to many of its traditional corporates enhance their digital valuation at US$615m. ClearMotion, the figures from the Centre of Entrepreneurs, 12,108 activities. As far back as 2016, tech companies were which is headquartered in the US, businesses were started in Birmingham last year. looking for more sophisticated space, with Advanced Not only is there a lot of tech talent in Birmingham, (ACS) securing a large 45,000 sq ft self-contained facility has sites in Birmingham and MIRA but hiring talent as a business is also easier with less at the Mailbox. Current demand from TMT and digital Technology Park, Nuneaton. The competition from the large London corporations. sector occupiers in the city tend to focus on flexible office company is looking to benefit from space, such as the Custard factory for smaller floorplate the proximity to the automotive However, the majority of existing digital and tech requirements or Alpha Tower and Tricorn House for the expertise in the centre of the UK as innovation space comprises dated design, low- more ‘mid-market’ requirement, with Oozells Building, they are developers of a proactive specification office buildings that have been adapted at Brindleyplace also now offering larger floor-plates of ride system to improve car driving for purpose. Going forward, it is important to create modern, well designed space appealing to this growing and riding experience. Savills tracks a sense of place, a defined environment, to provide sector. and records this type of company a platform to develop sociability and collaboration. investment activity and will create It isn’t simply about the co-working, it is about Birmingham has the potential to grow into a global an understanding of future real the co-location of similar businesses to provide home for technology, as the opportunities for technology estate need. new opportunities for existing and new occupiers. companies in the city are boundless. Innovation Birmingham, which was recently acquired Birmingham’s high graduate retention rate has resulted in the city having one of the youngest populations in Europe savills.com/research 2 Savills Commercial We provide bespoke services for landowners, developers, occupiers and investors across the lifecycle of residential, commercial or mixed-use projects. We add value by providing our clients with research-backed advice and consultancy through our market-leading global research team Research Clare Bailey Commercial Research 020 7409 8863 [email protected] Birmingam office Ben Thacker Nick Williams Ned Jones Leasing Leasing Investment 0121 200 4561 0121 634 8401 0121 634 8415 [email protected] [email protected] [email protected] Savills plc: Savills plc is a global real estate services provider listed on the London Stock Exchange. We have an international network of more than 600 offices and associates throughout the Americas, the UK, continental Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world. This report is for general informative purposes only. It may not be published, reproduced or quoted in part or in whole, nor may it be used as a basis for any contract, prospectus, agreement or other document without prior consent. While every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research..
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