Businesses should act now to take advantage of an upturn in the market before office rent rises begin to take hold.
Ankur Chadha, Senior Surveyor in office agency at LSH in Birmingham, made the plea after a flurry of office market activity in the city.
With the levels of grade A stock falling across Birmingham and the majority of lease events due to take place in 2015, businesses should plan now and take advantage of the short window of opportunity, he said.
“We are already seeing incentive levels reducing and it won’t be long before we begin to see rents rising, so we would urge companies to look hard at their position before the market changes again.
“It is the reason why we are advising a number of clients to assess their current space requirements in order to hedge against the improving market,” added Ankur.
His comments came as he completed a major deal on behalf of URS, a leading engineering, construction and technical services provider. The global company, which has 35 offices in the UK, is moving its Birmingham office from the McLaren Building on Priory Queensway to a 10,000 sq ft office at Victoria Square House in the city centre, to accommodate its growing workforce.
GVA acted on behalf of the landlord, Irish-based Ardstone Capital, which bought Victoria Square House, for £40 million in December 2013.
“We are working with a number of corporate clients who are looking to acquire business space on favourable terms at buildings across the city. With our tenant representation expertise, we are confident that we can secure significant savings for office occupiers.”