Midlands office market looks resilient despite headwinds

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What is behind the success of the region?

In the face of significant economic headwinds, not least the ongoing Brexit saga, the office market has held up remarkably well. And that isn’t just true of the City and West End in London; it is also true of the regions.

The Midlands is a case in point. Property experts in both Nottingham and Birmingham report strong performance in both the city centre and out-of-town markets, which begs the question: what’s behind its success?

Victor Ktori, director and head of the commercial department in Nottingham at Savills, says that a deal his company did on the Pegasus Business Park next to East Midlands Airport says a lot about the current climate.

Savills brought two office investments to the market and sold them to Nottingham City Council earlier this year. Ahead of the buildings being put on the block, Savills had negotiated a regear with PwC, the principal occupier of the bigger of the two blocks. PwC had previously occupied 40,000 sq ft but reduced its footprint to just 20,000 sq ft, leaving Savills with 20,000 sq ft to fill at a time when it knew it was soon to bring the building to market.

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