Huge opportunities ahead in Birmingham as office investment increases

 

A major international law firm has signed a lease for a new space in Birmingham, amid office deals slowly ramping up across the city.

The West Midlands city of Birmingham has been labelled a “strategically important location” by business law firm DLA Piper after it signed a 15-year lease for new office space right in the centre of the city. The company will reside over two floors of the eight-storey Two Chamberlain Square building, part of the massive £700m Paradise development.

The move will take place next year for the firm, which is relocating its 150 members of staff from nearby Victoria Square House. The adjacent One Chamberlain Square is already home to international accountancy firm Pricewaterhouse Coopers (PwC).

The government also takes up a large amount of the city’s office space; HMRC opened an office in Birmingham as part of its relocation plan towards regional hubs across the UK, while 1,700 civil servants will take up residence on New Street.

Big change over the next decade

Trevor Ivory, Birmingham office managing partner at DLA Piper, commented: “Birmingham is a strategically important location for DLA Piper, with some of our biggest clients based in the West Midlands.

“The next decade is one of opportunity for Birmingham and the region, with the arrival of HS2 and the Commonwealth Games being just two of the most obvious opportunities ahead. Our global clients have recognised this opportunity and are looking to invest in the region and we are investing in our business to make sure that we can continue to support them.”

Top business location

Chris Taylor, head of private markets at Hermes Investment Management, said: “The arrival of DLA Piper is a major milestone for Paradise and along with PwC helps to establish the development as Birmingham’s premier business address.

“Birmingham’s reputation as a major business location is underlined by the confidence shown by those global firms, like DLA Piper, committing to Paradise.”

The office market in Birmingham has remained relatively resilient to the ongoing Brexit turmoil, but it is believed that once the political uncertainty is resolved one way or the other, activity in the city is likely to pick up its pace. This will provide a huge boost to Birmingham’s residential market, as more jobs, opportunities and investments are opened up.

At BuyAssociation we have a range of property investment opportunities available in Birmingham, including The Bank II, the city’s largest residential skyscraper, which is now almost complete and has generated huge interest from both UK-based and international investors.

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Huge opportunities ahead in Birmingham as office investment increases

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