Take-up across Midland office centres rocketed by 135 per cent in the first quarter of the year compared to the same period in 2004, according to Atisreal's Regional office market quarterly review.
Take- up last quarter reached 509,623 sq ft, compared to 216,448 sq ft in quarter one 2004. The increase of activity in the Midlands was due to the recovery of the smaller office markets in the Midlands during the last two quarters, particularly Leicester, Nottingham, Northampton and Solihull.
In contrast, takeup levels in Birmingham took a surprising fall last quarter to well below average, having performed well in 2004.
Atisreal's report reveals that despite take-up increasing, supply levels throughout the Midlands remain high, with an abundance of second-hand space.
Grade A space is severely limited, especially in Birmingham, where only 24,000 sq ft of speculative space is due to complete this year.