Birmingham ranks as the highest UK city for investment prospects in the Emerging Trends in Real Estate® Europe 2017: New market realities report. However, Birmingham – which was one of last year’s top 10 property hotspots in Europe – has dropped 15 places to number 22 based on investors' views of the city's prospects in 2017.
Commenting on the report's findings, regional chairman of PwC in the Midlands, Matt Hammond said:
“Birmingham may have dropped out of the top 10 leading European cities for investment prospects in 2017, reflecting how increased uncertainty due to the impact of Brexit could deter investors, but it remains the highest performing UK city, ahead of Manchester, Edinburgh and London. This may be in part due to the big improvements in the city's infrastructure, including the continuing development of HS2, the extended tram lines and the halo effect created by the redevelopment of New Street Station and the opening of Grand Central.
"The report also shows that office take-up in Birmingham in the first six months of 2016 was very healthy, exceeding 500,000 square feet. Added to this, earlier this year, PwC announced our own investment in the city's property market. We will be relocating our Birmingham office in early 2019 to One Chamberlain Square, a landmark building in the city’s £500 million, transformational Paradise development. This investment reflects our commitment to our clients and people in Birmingham and our desire to offer them a truly first-class working environment."
Around the UK and Ireland
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Source: Emerging Trends Europe survey 2017
For more information on Emerging Trends in Real Estate® Europe 2017 please visit: http://www.pwc.com/gx/en/industries/financial-services/asset-management/emerging-trends-real-estate/europe-2017.html
Midlands Region Chairman, Office Senior Partner, Birmingham and Midlands Deals Leader, PwC United Kingdom
Tel: +44 (0)121 265 5000
PR and Communications Manager, PwC United Kingdom
Tel: 0121 265 5269