InCredits

Carl Griffen, Managing Director of Folkes Holdings said that the property for rent in Birmingham is only 367,500 sq ft and is less than what is required for a regular healthy market.

He also said that once the market returns in full swing, this lack will cause the property prices to skyrocket and will lead to increase in rents. He also mentioned that his company is not likely to perform well in the first and second quarter of 2009. This will be mainly because of the big slump in the real estate market during this period.

The Langley Point property which is being handled by Folkes Holdings and Trigram properties is not in operation right now. This disruption in the progress might end up influencing Public Limited Companies and public sector departments who may need more office space in future.

Also, the builders of the BREEAM ‘Excellent’ office are apprehensive about the market’s future. They believe that the current financial crisis is likely to lead to a shortage in the number of office properties, which will in turn cause the market a lot of grief once it comes back to good shape. Also according to a report from Drivers Jonas, commercial property agents, currently the price is the main criteria for letting choices, with many looking to rent desk space at the lower rental terms being offered by many Landlords.

With just four fully completed building in Birmingham, Griffen advised that companies who are interested in the ‘Excellent’ office space should go for it now as they may not get it later.

This entry was posted on Monday, July 20th, 2009 at 10:18 am and is filed under Commerce, Great Real Estate Tips, Plugs. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.