Increasing occupier confidence and the end of the economic downturn will drive growing demand for office space in the centre of Birmingham, one property expert has claimed.
Charles Toogood from GVA made the comments after his company published the latest Birmingham Future Office Demand report, which looks in detail at the current state of the market and the direction in which it is likely to progress over the next ten years.
The report suggests that demand for office space in the Midlands city could pass 800,000 square feet by 2024, providing economic optimism continues to grow.
Mr Toogood was quoted by commercialnewsmedia.com as saying: “Over the past five years following the recession, deals have totalled 632,000 square feet, only slightly below the 20-year average of 645,000 square feet.
He went on to suggest that the obvious trend for inward investment will continue as more companies look to move from suburban areas to prime premises in the centre of the city. This behaviour has been exemplified by a number of organisations in the last year, including Deutsche Bank, Vax, and the Legal Ombudsman.
According to birminghampost.co.uk, GVA predicts that employment in the region will grow by around six per cent as demand rises. The consultancy also expects more firms to prioritise sustainability and efficiency when choosing property.
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