The Birmingham coworking market in Birmingham will grow over the next few years, according to Cushman & Wakefield.
The firm predicts that take-up from coworking providers in Birmingham will exceed 700,000 sq ft by 2021.
David Tonks, Head of Cushman & Wakefield’s Birmingham office said: “The rise of the coworking sector reflects the changing make-up of demand and the way we are all using space. Take-up by the professions and financial institutions is stable but serviced office providers have become a major source of demand. The sector is benefitting from changes in general working practices such as agile working and the gig economy.
“Birmingham is also the youngest city in Europe with over 100,000 graduates within one hour. This, combined with the scale of the automotive, medical and financial sectors in Birmingham, is driving innovation and sustained demand from the coworking sector in the foreseeable future.”
He continued: “We will also see the average size of serviced office space in Birmingham increasing from a little over 20,000 sq ft to nearer 30,000 sq ft in the next three years as more value-added services such as cafés, gym, concierge services are put into each centre.”
Whilst supply levels in the city remain below the UK average, the firm claims there is a coworking demand of over 100,000 sq ft at present.
Despite wider economic and political pressures facing the region, Mr Tonks identified the advent of 5G, HS2, the 2022 Commonwealth Games and the regeneration of Smithfield Birmingham as key opportunities for the West Midlands.