KWB releases commercial property review produced by Carousel
Carousel Marketing has produced the third annual ‘Office and industrial market review’ on behalf of clients, KWB Commercial Property Agents.
This informative review looks at offices in Birmingham city centre, Solihull and the M42 corridor, as well as industrial property across the West Midlands.
The review is, in the main, a summary of the office market research we produce on a quarterly basis for KWB. This research is produced using the statistics released by the Birmingham Office Market Forum of all Birmingham city centre office space transactions, as well as a similar list of transactions in Solihull and the M42 corridor provided by the community of agents that work within the area.
By analysing the statistics – examining popular locations, transaction sizes, business types – we map out the key developing trends within the office market. These findings can inform decision making for our client, KWB, its clients, and even us.
Mark McKeever, Director of Carousel Marketing, said: “This is a piece of work we are particularly proud of – and we strive to deliver an engaging and well-presented read, each year.
“The research we conduct every quarter also informs our own approach, not just in the other services we provide for KWB but across all of our commercial property marketing. It allows us to tailor marketing strategies and content to the latest demands of the market.”
When creating the research, we begin by analysing all the released figures and graphing the developing trends. We sit down with the team at KWB to discuss the statistics and flesh out the stories behind the transactions – identifying relocations, inward investments, expansions and consolidations. This year, the review concluded:
Birmingham city centre office space
2017 saw the Birmingham city centre office market’s 12-month transactions total break through the 1 million sq ft barrier. This was thanks to quarters 3 and 4 delivering transaction levels that few saw coming. Flexibility was a clear trend, with a boom in lettings to serviced office operators, showing that occupiers want more control over their office space.
Solihull and M42 corridor office space
Demand remains high and the market seems to maintain its trademark consistency, yet it was a lacklustre total for Solihull and the M42 corridor this year. The reason for this, primarily, is lack of supply.
The drought in good quality stock, combined with hard lease terms and negotiating strategies from landlords, has resulted in a choking of the market. The result of this has been that a number of occupiers were pushed further down the M42 to locations such as Warwick, where quality space is available.
West Midlands industrial space
In 2017, rents were on the increase, spurred on by strong demand and real lack of supply. However, due to this lack of supply, the take-up fell short of an exceptionally strong 2016.
The scarcity of multi-let new build schemes is proving problematic for medium-sized companies, stunting growth in some cases. This presents an excellent development opportunity for the market, but only if planning permission can be granted. The image-rich document we produce in print and digitally, and is available to download here, also features exclusive comment from Mayor of the West Midlands, Andy Street, Strategic Director of Birmingham City Council, Waheed Nazir and Director of Managed Growth for Solihull Metropolitan Borough Council, Anne Brereton.
John Bryce, Director of KWB, said: “The release of our annual market review has become a big moment in our calendar. One of the key benefits of the research is that it lasts for the year. We offer copies to clients throughout the year of its release, and point them in the direction of our online, quarterly research for the latest market trends.
“The review is intended to be an impartial piece of work and a resource for the industry. As such, it helps us to enhance ourselves as a credible, reliable and authoritative voice within the marketplace – shoulder-to-shoulder with national competitors.
“Carousel goes the extra mile in producing these publications – both the quarterly research and annual review – and the thorough approach they take, challenging us with new ideas, enables us to make unique comments on the marketplace.
“Our property market research is one of the many ways in which we demonstrate the extent of our understanding of the region’s occupier market – it’s a differentiator for us.
“The accuracy and presentation of their work is a great credit both to them and us – it’s something we’re always happy to shout about.”
For more information on Carousel’s research work for KWB, how Carousel could help you produce similar analytical works for your industry, or for any other of Carousel’s services, contact Mark McKeever on 0121 236 8850 or alternatively email m.mckeever@carouselmarketing.com