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Commercial Property Offer in the West Midlands Set to Boom

2015 will be a banner year for property development in the West Midlands, according to a report developed by Barbour ABI, which regularly supplies construction data to the Government and the Office for National Statistics.

With more than 600,000 square metres in the pipeline, the West Midlands presently hold the highest number of pending projects outside the Capital for this year.

Yorkshire and the North West have traditionally shown the most regional potential outside London, but the West Midlands now claims the same portion of national works as these two regions combined, at 11 percent. This position was reached thanks to high-worth developments such as Beorma Quarter Masterplan (£200 million) and the £500 million One and Two Chamberlain Square.

The Beorma Quarter Skyscraper comprises three new buildings arranged around a new public area, including a 27-storey tower with a double-height sky garden. The mixed-use development will include over 60,000 square metres of office space, most of which will be BREEAM Excellent rated. The scheme also includes the renovation of a Grade II listed Cold Store and retention of locally listed building exteriors.

One and Two Chamberlain Square are undergoing a transformation that begins with a programme of enabling and infrastructure development funded by an investment from the Greater Birmingham and Solihull Local Enterprise Partnership.

One Chamberlain Square, which will be designed by Eric Parry Architects, will blend into its cultural and historic surroundings and offer 150,000 square feet spread over eight storeys. Two Chamberlain Square, which has been awarded to Glenn Howells Architects, will be a 160,000 square foot, eight storey building that brings a touch of modernity to Chamberlain Square.
London continues to lead the national commercial property market, but high prices and limited available space have motivated prospective investors to look elsewhere.

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Michael Dall, Barbour ABI lead economist, says that big shifts in regional confidence have served as a catalyst for the restoration and rejuvenation work in Birmingham’s city centre. HS2 plans and spend from overseas have further bolstered development, enabling Birmingham to reclaim its once tenuous status as the UK’s second city.

Mr Dall explained that when both domestic and foreign investment rise in tandem with demand, there is a genuine opportunity for the West Midlands to benefit, and the commercial property market appears to be on the verge of bearing fruit.

With a full-time lead economist and company team of research specialists, Barbour ABI has become the country’s leading supplier of construction intelligence. It analyses developments and trends within the UK building and construction industry and uses the assembled data to provide commercially relevant insight.

Barbour ABI supplies industry indicators and data to the Office for National Statistics and the British Government’s Construction and Infrastructure Pipeline, the latter of which lists future infrastructure and construction projects involving public money. Barbour ABI also provides data for the Construction Products Association and other independent organisations.

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