Welcome. CoStar Group is pleased to announce the winners of the 2014 Agency Awards!

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1 CoStar Agency Awards

2 Welcome to the 2014 CoStar Agency Awards CoStar Group is pleased to announce the winners of the 2014 Agency Awards! It would seem that 2014 will be remembered as the year when commercial property finally emerged from the gloom of the downturn. Across the board activity is up and we are pleased to celebrate the well-deserved successes of the agents community in this book. In the last 12 months, we have recorded 52,274 deals, an increase of 14% on the previous year. This year we have routinely updated deal and listing information with nearly 4,000 UK firms. I would like to take the opportunity to thank all of you who share your data with the community through working with our research teams and our platforms. I am convinced that market transparency enhances liquidity and that the example of the Birmingham Office Market Forum (see pages 10-11) shows how their open approach has attracted significant inward investment. As the speed of transactions is set to accelerate, we will continue to support the industry with the best data, analytics and news solutions. Our aim is to help drive market efficiency and streamline our clients workflows, saving you precious time and allowing you to provide ever better service to your clients. Finally, I would like to congratulate this year s winners and wish everyone a prosperous end to this eventful year. Yours Sincerely, Giles Newman Managing Director CoStar Europe 3

3 Data 120 researchers 1,476 Phone calls made every day 207 Deals added every day Volume of transactions recorded in 2014 vs : 52, : 45,727 a 14% increase 2,748,708 Changes made to our database in the past 12 months 940,000+ Digital images taken (and counting) We speak to: 8,401 agents in 3,972 firms across the UK 650 One new client signs up to Costar Suite every single day UK firms are now using CoStar Suite 50% of our UK client base have migrated to CoStar Suite 4

4 Analytics News Q1 Q2 Q3 Q4 Reports are updated in CoStar Suite 80Submarket every quarter Investment Bulletin sent quarterly and yearly to 12,000 news articles are available in Suite 28,000 UK professionals receive our news every day 5,000 users 20+ news stories a day That s over 100 a week The power of Data, Analytics and News,combined Access a unique combination of Data, Analytics and News, offering the most comprehensive macro to micro explanation of the UK commercial property market. CoStar s proprietary data, which underpins this book, is sourced directly from thousands of property agents, owners and other involved parties to accurately reflect the transactional market in real time. 5

5 Birmingham Office Paul Norman Editor, CoStar News While the investment market for Birmingham offices has taken off in recent months, the leasing market has been notably short of large-scale transactions, following the series of landmark moves seen in early 2013 and Station comes forward. HS2 s commitment, while a major endorsement of the city, has heightened the sense that there is a crisis in terms of the dwindling supply of Grade A stock. In response, a significant number of developers are jostling to secure prelets and bring forward major new schemes, or are flirting with pushing the button on speculative development. This includes Goodman, Legal & General, Sterling Property Ventures and IM Properties. All that has of course changed post the voting period with the news that HS2 is to set up its 100,000 sq ft UK headquarters at Hines and Ballymore s Two Snowhill in Birmingham. That is expected to prompt a host of satellite operations to need space in the city centre as the vision for the regeneration of Curzon Two Snowhill Editor s Choice Awards CoStar News readers have been voting for two awards the deal and dealmaker of the year - in each market. Readers picked Bruntwood s letting of 33,460 sq ft at its Centre City Tower to Legal & General as their deal of the year in Brum. Centre City Tower Perennial Birmingham dealmaker John Griffiths of GBR Phoenix Beard was one of only two people to repeat their success last year and be voted dealmaker of the year again. 6

6 Eyes on the market Birmingham Office: Supply, Demand and Vacancy Supply/Demand (000s SF) Vacancy Rate (%) % % % % % 0 8% 100 6% 200 4% 300 2% 400 0% Q2 06 Q4 06 Q2 07 Q4 07 Q2 08 Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Change in Demand (LHS) Change in Supply (LHS) Vacancy Rate (RHS) *Data collected by CoStar from 1st July 2013 to 30th June Largest deals of the year* Address Size sq ft Occupier Landlord/Seller Agent Tenant/Buyer Agent Month 1 Centre City Tower 33,460 Legal & General Group Knight Frank, DTZ Nov-13 GVA, CBRE 2 NTI Building 27,506 Birmingham City JLL GVA Apr-14 University 3 Tricorn House 24,850 Housing 21 CBRE, Jaggard Baker Dec-13 GBR Phoenix Beard 4 20 Colmore Row 15,000 Allianz Insurance Cushman & Dexter Brown Aug-13 Wakefield, GVA 5 22 Gas Street 14,928 Carl Zeiss Vision UK CBRE, Deloitte Real Estate Jul-13 GBR Phoenix Beard 6 St Philips Point 14,682 Weightmans GBR Phoenix Beard DTZ Jan Colmore Square 14,000 Vax CBRE, GVA Harris Lamb Nov-13 8 St Philips Chambers 13,500 CBRE CBRE, KWB CBRE Apr George Road 12,138 Healthtrust Europe DTZ Boston Fieldgate Jan-14 Company Broadway 11,514 Valuation Office Agency Cushman & Wakefield, DTZ N/A Feb-14 7

7 Birmingham Office Winners Office 2014 (July June 2014) Top Agents by Availability sq ft 1 GBR Phoenix Beard 1,690,032 2 CBRE 1,315,677 3 JLL 1,032,528 4 GVA 988,889 5 DTZ 760,288 6 Savills 519,945 7 Colliers International 515,103 8 Knight Frank 416,845 9 Cushman & Wakefield 273, KWB Property Management 258,553 Top Agents by No. Instructions 1 GBR Phoenix Beard JLL 84 3 KWB Property Management 75 4 Mason Young Property Consultants 70 5 DTZ 66 6 CBRE 54 7 Knight Frank 48 8 GVA 36 9 Siddall Jones Limited Colliers International 25 Top Agents by Acquisitions sq ft 1 DTZ 71,757 2 Savills 37,544 3 GVA 30,407 4 Jaggard Baker 24,850 5 Boston Fieldgate 22,138 6 Dexter Brown 15,000 7 Deloitte Real Estate 14,928 8 Lambert Smith Hampton 14,486 9 CBRE 14, Harris Lamb 14,000 Top Agents by Disposals sq ft 1 GBR Phoenix Beard 234,787 2 GVA 210,674 3 CBRE 178,039 4 KWB Property Management 159,185 5 DTZ 127,569 6 JLL 113,974 7 Knight Frank 77,502 8 Colliers International 68,940 9 Cushman & Wakefield 35, Mason Young Property Consultants 28,763 *Data collected by CoStar from 1st July 2013 to 30th June Top Agents by Total Value of Lease Transactions ( PA) 1 GVA 3,200,721 2 CBRE 2,987,604 3 GBR Phoenix Beard 2,662,210 4 DTZ 2,373,707 5 Knight Frank 2,362,285 6 KWB Property Management 1,270,984 7 Savills 1,050,634 8 Colliers International 829,802 9 Cushman & Wakefield 600, JLL 596,089 Research Contact Laura Roberts Research Manager Birmingham West Midlands & West Midlands Industrial T: T: E: 0141 lroberts@costar.co.uk E: lroberts@costar.co.uk 8

8 Editor s Choice Winners 2014 Dealmaker of the year Name John Griffiths Company GBR Phoenix Beard Deal of the year Name of building Centre City Tower Submarket Birmingham City Core Deal completion date 18/11/2013 Size (sq ft) 33,460 Landlord Agent(s) Knight Frank, GVA, CBRE Tenant Agent(s) DTZ Rent per sq ft Tenant Legal & General Group Birmingham Office: The year in figures *Data collected by CoStar from 1st July 2013 to 30th June transactions completed Centre City Tower, Birmingham Best Newcomer - Midlands Company HS2 Where did you rank? If your firm is not represented in the top 10, but would like to know where you ranked, please get in touch with your research contact on the previous page. + - / ft + - // 3,108,883 ft ft sq ft space available Occupancy Rate 85.4% as at Q Agents contributed data to CoStar 9

9 An interview with John Griffiths, chairman of BOMF Why was the Birmingham Office Market Forum formed? BOMF Members Birmingham Office Market Forum was established in 2007 to present a coordinated voice to investors, developers and occupiers about Birmingham s city centre office market. Regional markets are attracting an increasingly diverse investor and occupier base. The days of relying on local occupiers churning over space and investment limited to a number of local and regional investors are long gone. Birmingham and other core cities are competing on a global basis for capital and corporate inward investment, and the way that market data is presented has to reflect this. GVA JLL Knight Frank KWB Lambert Smith Hampton Marketing Birmingham Savills Vail Williams BNP Paribas Real Estate CBRE Colliers International Cushman & Wakefield Deloitte Real Estate DTZ GBR Phoenix Beard How important has CoStar s input been? Our relationship with CoStar has been key. What the market wanted was to be able to benchmark and have a very clear and agreed starting point as to accurate stock levels to assess change. A close cooperation from the start between the Forum and CoStar ensured the base data and benchmark information was accurate and relevant. For many years it used to be inconsistent. We know that Birmingham is on the radar with corporate occupiers and investors, and we know from them that they want information that is transparent and consistent. The response in the market has been great. We have a role to play in terms of guarding the future growth of the office market within the city, and by working together as a single group we have a more powerful voice that will ensure that Birmingham remains a key commercial location. John Griffiths, Chairman of BOMF 10

10 Does transparency increase liquidity? John Griffiths Consultant, GBR Phoenix Beard & Chairman of BOMF Jonathan Lawes Director, Cube Real Estate How important has improved transparency been? If there is a lack of transparency and reliable data then that is unattractive for investors and corporate markets. There are exacting requirements from investors and occupiers for accurate intelligence and we must be on a level playing field at the very least with London. That is what BOMF is about dependable, reliable, up to date and relevant information on our market. If we have achieved nothing more than this since launch, then that is highly valuable in terms of making Birmingham more attractive for investors, albeit it is not per se why they will invest of course. They will invest for all of the usual reasons to do with the quality of the real estate, infrastructure, demographics and the returns on offer. BOMF is proud to have played its part in how this information is presented. Can CoStar help you with your Market Forum? helpdesk@costar.co.uk Why invest in Birmingham now? There is a buoyant feel to the market in Birmingham now, in part driven by some great lettings such as HS2 s recent commitment. Many tenants are now realising that they are running out of good grade A space opportunities and if you have the right product and a proactive and flexible letting policy, as we do at 11 Brindleyplace, it will let well. We immediately leased 8,500 sq ft in a single floor letting to serviced office group MSO and will relaunch the remaining 45,000 sq ft through GVA and GBR. How does transparency help? We rely heavily on our agent advisers and the data they compile from sources such as CoStar to gain knowledge of occupiers, competing buildings and existing tenant locations. It is vitally important for us to be aware of every occupier searching for space in the market, where they are moving from and what else they are looking at. This enables us to differentiate what we can offer and provide a flexible solution to meet their requirements whether it be flexible lease terms, creative incentive packages, expansion options etc. 11

11 Don t waste the moment With the market well on track to break new records, are you lagging behind or leading the race to outrun your competition? Over 650 UK firms have already signed up to CoStar Suite. Get the advantage of integrated Data, Analytics and News. visit call Meet us at MIPIM - Stand D21. 15th-17th October, London.