West Midlands property sector 'set for boom'
Published: 06 February, 2015
It is set to be a landmark year for commercial property in the West Midlands, according to findings from Barbour ABI, a chosen provider of construction data to the Office for National Statistics (ONS) and the government.
The region currently holds the greatest number of pending projects outside of London for 2015 with over 600,000m2 in the pipeline.
While historically, Yorkshire and the North West have shown greatest regional promise beyond the Capital, the West Midlands now has the same share of national works as the two combined (11%), with developments such as One and Two Chamberlain Square worth £500m and the £200m Beorma Quarter Masterplan.
Although London continues to dominate the UK commercial property market, high costs and low volumes of available space have caused would-be investors to look elsewhere.
Michael Dall, lead economist for Barbour ABI, said: "A shift in regional confidence has acted as a catalyst for regeneration in Birmingham's city centre, which has been further bolstered through spend from overseas and HS2 plans that are working together to solidify its once shaky status as the UK's second city. When both foreign and domestic investment rise in sync with demand, there is a real opportunity for the West Midlands to capitalise and the commercial market looks set to bear fruit imminently."