A recent seminar on the future of the Midlands property market
has predicted a new wave of demand for quality office space in
Birmingham, with the prospect of a 'perfect storm' now a realistic
possibility.

Rates of demand are expected to increase within the next two
years but Jonathan Carmalt, director of Jones Lang LaSalle,
believes it could be another four years until the city experiences
its next phase of speculative office development.

This follows the JLL Midlands Property Predictions seminar,
during which developer Bill Houle warned of a perfect storm in 2014
where a series of lease breaks could create demand for as much as
1.25 million sq ft of office space in England's second city.

At present, Birmingham's city centre has only 570,000 sq ft of
grade A office space, with a further 120,000 sq ft to be added in
the coming months. However this equates to around half of what
could be needed in 2014.

Carmalt said: "I can see a mismatch. Not in only in terms of
volume but also in suitability and price. I can see a return to
pre-let development, but we are still some way from speculative
developments taking place, which I don't see happening until
2016-17.

"I also think demand for office space in Birmingham will
increase. The biggest office letting last year was 40,000 sq ft,
which I see being exceeded in 2013. Similarly I think overall
take-up of space will rise from 500,000 sq ft in 2012 to 600,000 sq
ft this year."

Fortunately businesses looking for modern
office and industrial space in Birmingham and the surround area
can take advantage of our growing portfolio here at Pall Mall
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