While Birmingham waits for the opportunity to attract the next wave of newcomers to the city centre, the out-of-town market continues to step up a gear.
This is thanks to the appeal of easy-access motorway locations, such as the M42 corridor, where typical rental figures of £19 per sq ft are being achieved.
Mr Warrack cites developments at Birmingham Business Park and Blythe Valley - where Japanese company Sega has just announced it is to launch its first western games development centre with an investment of at least £20 million over the next three years - look set to continue their dominance of the outoftown office market.
Birmingham Business Park has just signed a deal with IGT, part of the US-owned Barcrest Group, giving it a five-year lease on 5,000 sq ft of space at Building 2230.
Penna Consulting and Viacom have between them occupied a total of 6,200 sq ft of space at Park Square, while Costain has taken an additional 3,000 sq ft of space at The Crescent - good signs of existing occupiers flourishing and taking more space, according to Mr Warrack.
A further 26,000 sq ft of space at 1320 Solihull Parkway stands ready for occupiers after being put on the market by King Sturge.
"While it is probably true to say that the out-of-town market has not seen a bumper year in 2005, there are nevertheless encouraging signs of activity," says Mr Warrack.
"For instance, we have noticed a good number of transactions during the past six months on Birmingham Business Park, where in particular, accommodation of less than 5,000 sq ft has been in demand.
"In line with the city centre, occupiers for business park accommodation are just as demanding as their city centre brethren and accommodation that is new or newlyrefurbished is, without any doubt, seeing the most activity."
Smaller office schemes - some of them based on a courtyard-style development - along the motorway corridors of the West Midlands are also becoming increasingly popular.
For example, the first phase of Villiers Court at Meriden Business Park - positioned on the M42/A45 area east of Birmingham and being marketed by King Sturge and D&P Holt property consultants - attracted tenants from Germany and the Netherlands.
This was thanks again to excellent location and communication links. Now the second phase of the joint venture between Hortons' Estate and Business Homes is under offer.
Drayton Manor Business Park - just off the M42, near Tamworth - is also being targeted by companies keen to exploit the development's strategically- positioned location.
"The West Midlands' ability to offer a good transport network, including airports, train stations should never be under-estimated," says Mr Warrack.
According to Mr Warrack, it is the relatively small transaction that is underpinning the out-of-town market.
But it's the high-profile schemes offering 20,000-40,000 sq ft of space that are poised to attract footloose occupiers.
These schemes include Arlington's latest Birmingham Business Park phase at The Forum, Wilson Bowden/Wrenbridge's Solihull Business Park and the latest phase of development at Blythe Valley.
Mr Warrack says: " Developers and landlords will continually face the issues of producing the right product, which will satisfy the evermore stringent demands of occupiers.
"It is surely not lost on employers that, in this competitive labour market, they are not only selling a job to potential employees, but also a lifestyle. This certainly includes the office buildings in which they are expected to work.
"Over the last nine months, our office alone has completed 16 deals along the M42 motorway corridor - and in that time I dread to think of how many miles of motorway motoring I have done, visiting clients and showing potential occupiers around the buildings.
"Certainly, over the next two years we can expect some degree of further stability."
His comments come just as the latest phase of Solihull Business Park reaches completion. Building 2, the only speculative freehold offices to take shape on the M42 corridor this year, is now on the market.
A joint development between Wilson Bowden and Wrenbridge Land, the building offers 30,000sq ft of grade A office space.
GVA Grimley and DTZ Debenham Tie Leung are joint agents. Charles Toogood, of GVA Grimley, says: "One of the development's key selling points is that it is extremely flexible. It can either be leasedin floors from 10,000 sq ft or purchased in self-contained units from 14,000 sq ft up to 30,000 sq ft."
DTZ's Amy Haywood, who says: "Birmingham and the surrounding area continue to suffer from a lack of quality freehold office space as demand continues to outstrip supply."
Further evbidence of strong demand comes from nearby Birmingham Business Park, where Wagon plc has signed up for 9,000 sq ft of A grade office space on the first floor of Building 3500, Parkside.
The space was let at £18 per sq ft by Atis Real and KWB, acting as joint agents on behalf of clients of Insight Investments.