Brindleyplace’s commitment to quality space and its emphasis on wellbeing makes it perfectly positioned to capitalise on the fight for talent which is driving the Birmingham office market.
Birmingham’s city centre office market enjoyed a solid 2019 which saw headline rents hit an all-time high of £34.50 per sq ft, while two of the three largest lettings were secured at Brindleyplace. WeWork committed to 92,670 sq ft at Six Brindleyplace while the Commonwealth Games moved to 72,261 sq ft at One Brindleyplace.
And with limited Grade A availability in the city coupled with strong demand from potential occupiers, the market forecasts continue to be healthy for the coming months.
One of the major factors in the demand for the better quality, innovative spaces is the changing attitude towards employers, with many younger staff spending less time at the same businesses and in the same roles.
Deloitte’s Global Millennial Survey for 2019 highlighted that more people than they had ever surveyed — 49 per cent — would quit their current roles within two years if they had the choice. Out of those, a quarter had reported that they had left their previous employer within the previous two years as well.
With this in mind, many occupiers are looking towards the unique offering at Brindleyplace, as a fully-managed business destination in a city centre location with a host of amenities on its doorstep as an ideal location for businesses to set up base in the city.
Charles Toogood, Avison Young, said: “Businesses are increasingly looking to invest in their working environments, which are conducive to the needs of employees and provide enjoyable places to work and collaborate every day.
“With millennials now making up a significant proportion of the workforce in the city, companies are facing an increasingly tough task to attract and retain the best talent. With a less stable employment market, it’s imperative that businesses looking to attract the best staff offer the best standard of space and give them as many reasons a possible to be loyal.
“Brindleyplace’s various bars, restaurants and amenities and peaceful areas make for a location which provides everything an employee would need on the doorstep. Whether they are looking for a social environment to enjoy with colleagues or a tranquil retreat to get away from the hustle and bustle of the office, the facilities at Brindleyplace offer the best of both worlds.”
The thirst for exceptional office spaces in the city, combined with the low supply of Grade A space currently available to let, is also providing refurbishment opportunities for those looking to lease existing office spaces.
Brindleyplace has seen refurbishment works totalling over £7 million in recent years to a number of buildings at the estate, including the Oozells Building, 9 Brindleyplace and 3 and 4 Brindleyplace.
Ben Thacker, Savills, said: “While we have some large development projects currently in the pipeline such as 103 Colmore Row and One Centenary Way, many of these offer larger floorplates and are only available on long-term leases, with little scope for flexibility.
“With refurbished space at Brindley, we can afford to offer more flexible terms which businesses are finding attractive, especially if they are moving to embrace different ways of working and new workplace environments. For example, at Brindleyplace we can offer Grade A space on leases from 12 months, which is hard to find elsewhere in the city.
“Undoubtedly newly refurbished spaces will play a big role in helping meet the demand for Grade A offices in the city while availability remains low and large scale developments continue in the build process.”
