Lloyds bank takes the lead in Birmingham’s Q3 office transactions
Lloyds Bank’s temporary relocation to 59,896 sq ft at Brindleyplace was the largest office letting in Birmingham for both Q3 and the year so far, according to research by KWB.
KWB’s Q3 report on Birmingham’s office market reveals a total of 18 transactions, amounting to 131,504 sq ft, with the Lloyds Bank agreement constituting nearly 50% of the total take-up.
In August, the bank entered into a two-year agreement for space within the x+why serviced offices known as Foundry, situated in 6 Brindleyplace. It has moved 2,260 employees there while conducting renovations at its long-term offices located at 125 Colmore Row.
The second-largest transaction of the quarter involved another financial firm, EFG Harris Allday, specialists in finance and investment management. They secured 12,162 sq ft at 103 Colmore Row, marking the 14th letting for the building since it became available in 2021.
Alpha, a 28-storey building on Suffolk Street Queensway that recently underwent a £16.6 million renovation, secured five deals, totaling 24,612 sq ft. The new occupants include Hitachi Energy UK, SYSTRA, Court Collaboration, plan.com, and Tribera.
Q3 also witnessed the first lease at Rum Runner Works, a newly launched space off Broad Street that underwent a £2 million renovation by its landlord, Picton. Ricoh Digital Services secured 3,561 sq ft at this property, which has its origins dating back to the 1800s.
Malcolm Jones, head of office agency at KWB, said: “The Birmingham office market has secured half the number of transactions of the previous quarter, but deals can often be slow to complete over the summer and this can lead to a bumper Q4 with many deals completing in October.
“Birmingham has enjoyed a steady flow of new office buildings for the past five years, but with availability now dwindling, eyes turn to what’s next. The Lloyds Bank move to Brindleyplace has highlighted it as a location with potential to offer major occupiers some of the best office space – at the right size – in Birmingham City centre. Bruntwood’s latest Birmingham office building in Aston, called Enterprise Wharf, will also soon be launching for digital and tech businesses.
“Longer term we will have the launch of the 200,000 sq ft Three Chamberlain Square, the final office building at Paradise, along with Drum in Grand Central and the Beorma Quarter in Digbeth.”