Worcestershire Office Market Set To Recover In 2012April 2012
The Worcestershire office market looks set to recover in 2012, following a three year low in take up in 2011, according to a leading Worcestershire commercial property consultancy.
Research carried out by Bromsgrove based JP Dillon Commercial Property Consultants, found that only 110,000 sq ft of office space was let and sold in Worcestershire in 2011, down from more than 220,000 sq ft in 2010 and 190,000 in 2009.
The low point in 2011 was the third quarter when deals for only 16,412 sq ft were completed. However, this more than doubled in the final quarter to 39,161 sq ft, and according to John Dillon, managing director of JP Dillon Commercial Property Consultants, the first quarter to 2012 will exceed this.
He says: “With my agency having completed the largest office letting in the county for five years, with the disposal of more than 14,000 sq ft of office space at Avon House in Bromsgrove, and other deals we have done and which we know are in the pipeline, I am confident that Q1 of 2012 will exceed Q4 of 2011, and be the basis for the county’s office market to recover in 2012.”
According to Mr Dillon, activity in the office market is to be found across all locations in the county, at business parks and in town centres. He says: “We have completed deals at premium office parks such as Wildwood Triangle in Worcester, and at Topaz in Bromsgrove, and also disposed of more traditional office space in urban settings.”
According to Mr Dillon, the upturn in office take up marks a rise of business activity and confidence in Worcestershire, while the large office deals in turn will act as a future boost for the local economy, by safeguarding and increasing job numbers.
He says: “Securing the largest office letting since 2007, of Avon House, to AFH Financial Group on a new 11 year lease, demonstrates that Bromsgrove and Worcestershire are again regarded as key locations in the West Midlands for employers searching for a local, regional or national office base. Doing such large scale deals should help increase enquiry levels and future deals for office space across the county.”Return to News