MIPIM: Almost a third of Birmingham’s city centre office stock is fully or partially owned by overseas investors, according to GVA.
The agent’s annual Who Owns Central Birmingham? survey, to be launched this week at MIPIM, shows further overseas investment could be encouraged in Birmingham through an increase in grade-A development and refurbishment.
The research analysed the ownership of 15m sq ft of office and retail property in the city centre.
The analysis explored nationality of ownership, sectoral ownership and office stock by grade and rates of churn, providing an overall picture of the city’s investment market.
The report was first published at MIPIM 2012. In the 12 months since publication, GVA said that around 860,000 sq ft of office space and 135,000 sq ft of retail investment have been transacted, with 70% of total space across both sectors held by UK investors.
Of the remainder, 2.7m sq ft, or 18% of total city centre stock, is entirely owned by overseas investors, with US-based investors accounting for approximately 8% of total ownership and Middle Eastern investors growing their exposure to the Birmingham market by around 90,000 sq ft since 2012, an increase of 2%.
The remaining 1.8m sq ft, or 12% of stock is jointly owned by UK/overseas consortia and includes some of Birmingham’s most high-profile and recognisable buildings, such as the 1.2m sq ft Bullring shopping centre and the Brindleyplace Estate.
Ian Stringer, senior regional director at GVA, said: “This survey allows us to provide a unique and clear insight into the profile of the city’s commercial property ownership.
“While the report demonstrates that there is more that can be done to encourage further overseas investment, the city has maintained its position as a centre for foreign investment over the last 12 months, with a key outcome that more than 30% of office and retail space in the city centre is either fully or partially owned by overseas investors.”
lisa.pilkington@estatesgazette.com
