Birmingham's economy is continuing to boom, with retail and office rental values both growing at a faster rate than many other regional cities, according to Jones Lang LaSalle.
Birmingham achieved exceptional growth in retail rental income for the past twelve months and can now command the highest retail rents of any city in the UK, excluding Greater London.
The latest bi-annual 50 Centres Guide to prime retail rents from Jones Lang LaSalle shows that Birmingham recorded a top rent in excess of #325 per sq ft in the last twelve months.
At the same time, Jones Lang LaSalle?s report shows that Birmingham can now command office rents of #27.50 per sq ft, an increase of 4.57 per cent in the last twelve months.
These are the fifth highest office rental values in the UK, ahead of Manchester, Leeds and Edinburgh and are in marked contrast with the rest of the UK, where average office rental values have only risen by 0.4 per cent over the last year.
Achievable office rents all across the Midlands have also risen by over nine per cent in the last year, the largest rise of any regional market.
Nick De Pons, director and head of retail at Jones Lang LaSalle Birmingham, said: ?The continued ?Bullring effect? and development and refurbishments of retail outlets outside the Bullring such as Bullring Link, the Mailbox and the Pavillion Shopping Centre provides an impetus to consumer spending in Birmingham and this has helped push up rental prices.?