“The clear vision, based on the Big City Plan, has made Birmingham an exciting city to live and work” – NovaLoca interview with Bilfinger GVA in Birmingham
Over the past year, NovaLoca have been looking into the benefits of relocating a business to Birmingham following on from the Urban Land Institute and PwC’s annual Emerging Trends in European Real Estate report showing Birmingham as 6th in the ‘top 10 real estate markets with the best prospects’.
We spoke with Bilfinger GVA to see what business has been like for them in Birmingham so far in 2016. “In what is proving to be very interesting times in the political landscape, Bilfinger GVA has had a strong H1 of 2016.” Bilfinger GVA is in a leading marketing position within the UK as a real estate advisory business and is growing business in Europe.
How would you rate the overall situation of the commercial property market in Birmingham at the moment?
“The clear vision, based on the Big City Plan, has made Birmingham an exciting city to live and work.” Bilfinger GVA told us that historically the region hadn’t over-developed which has allowed for the strategic planning of Birmingham’s evolving city skyline.
There are numerous large scale regeneration projects in the pipeline for Birmingham and significant investment in the city’s infrastructure. Bilfinger GVA stated: “Developers and investors need to remain confident and committed to the delivery of key projects. This will allow Birmingham to truly compete on the global stage and will ensure we reap the benefits that this will inevitably bring.”
Are there any particular challenges you face when doing business in your area?
“The UK’s vote to leave the EU heralds one of the most significant changes in our political and economic landscape of the last 50 years. It surprised markets, which had been anticipating a ‘Remain’ vote.
Bilfinger GVA believes that “many corporate decisions may be put on hold as occupiers review their strategies and wait for the UK’s position to become clearer.” For the real estate advisory business “it is important to look beyond the short term and there should be positive impacts, enabling trade deals with higher-growth emerging markets and reduced regulation.”
Is there a lack of stock in your area?
In Birmingham it is generally accepted that there is a shortage of city centre Grade A office space that is ready and available for immediate occupation. Birmingham had a record year in terms of office take up in 2015 (over 970,000 sq ft) and things haven’t slowed down for the first two quarters of 2016. According to Bilfinger GVA, “there are alternatives in the development pipeline over the medium term, as well as numerous significant refurbishment projects scheduled for completion over the next 12 months.”
Are there any projects or developments that you are particularly excited about at the moment?
Birmingham is currently undergoing some of the largest development and regeneration projects for a generation. Bilfinger GVA gave us some examples of the projects they are most excited about:
Paradise – One of the biggest regeneration schemes ever undertaken in Birmingham City Centre. This will create a vibrant mixed use development of commercial, civic, retail, leisure and hotel space, providing major improvements to pedestrian access and greatly enhanced public realm befitting this exemplary historic setting.
Arena Central – The 9.2 acre Arena Central site is master planned to deliver 1.2 million sq ft of mixed-use development, set within a brand new landscaped public realm. This will also be home to the HSBC HQ for retail and business banking.
Eastside Locks – Eastside will provide a vibrant and energetic environment, where Grade A offices sit next to shops, restaurants, a bustling new campus for Birmingham City University and on-site hotel. The site is also immediately adjacent to the upcoming HS2 station.
What do you hope that the rest of 2016 will bring for Bilfinger GVA?
We will work to ensure Bilfinger GVA maintains its position as the leading property consultancy in the city and continue to be at the forefront of the key projects which will shape our built environment.
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[…] keeping up to date with the many different redevelopments and projects over the past year and after speaking with the Bilfinger GVA Birmingham office, we’ve seen even more reasons to invest in […]