Twenty new construction projects started on site in Birmingham last year, with residential schemes once again leading the way.
New research published today said that 11 of those were residential schemes, followed by offices (five), student accommodation (three) and a single one in the healthcare sector at Birmingham Children's Hospital.
The figures mirror those in last year's Crane Survey which said 18 new projects commenced during 2022, of which 13 were residential schemes.
The Crane Survey, now in its 22nd year, examines the level of construction activity in Birmingham and three other 海角视频 cities across a range of sectors including offices, residential, hotels, retail, education and student accommodation.
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Produced by financial services firm Deloitte, some of its other key findings showed that there 44 property schemes under construction in Birmingham in 2023 and, of those, 31 were residential accommodation.
The pipeline of new homes coming onto the market sits at 8,848 units under construction while 591,134 sq ft of office floorspace was completed and a further 785,981 sq ft is under way across nine schemes.
Three new student residential schemes started construction in 2023, bringing the total number of units in development to 1,562 which Deloitte said was 15 times more than in 2022.
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And the city's skyline is set to reach new heights as apartments block Octagon and One Eastside will reach 49 and 51 storeys respectively.
The newly published research said the Jewellery Quarter recorded the highest number of residential completions at 558 homes, followed by the Gun Quarter at 420 and Eastside at 375.
The Southside district saw the most construction activity in the residential sector in 2023 with 2,743 homes under construction.
The housing pipeline is further bolstered by five sites undergoing active demolition and seven cleared sites which are ready to break ground. Additionally, 20 residential schemes have been granted planning permission but have not yet started.
New office starts more than doubled in 2023 with five breaking ground, an increase when compared to the two new starts in each of the three previous years.
There were no new starts for hotels during 2023 and, for the fifth consecutive year, there were no new retail-led projects.
Among the big-name schemes to start work last year in Jennens Road, which will contain 667 apartments.
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Spades also went into the ground on the fourth office block on the £1.2 billion Paradise estate, called Three Chamberlain Square, while its neighbour One Centenary Way was officially opened last autumn and has now started to welcome tenants.
Across the four Deloitte Crane Surveys, which cover Belfast, Birmingham, Leeds and Manchester, there were 60 new construction starts recorded in 2023, with a total of 151 schemes currently on site.
To qualify for inclusion in the survey, offices had to be a minimum of 25,000 sq ft, hotels required at least 35 beds, residential was 25 units and retail and leisure and education both had to be at least 10,000 sq ft.
Zoe Davidson, Deloitte partner and real asset advisory lead, said: "Residential development in Birmingham continues to grow at pace, both within the boundaries of the survey and further afield.
"Investor confidence in the sector remains high which is reflected in the strong pipeline.
"Birmingham City Council's plans to expand the city centre boundaries with its 'Our Future City Framework', which is currently in consultation, will see the number of homes coming to market increase significantly over the coming years.
"The build-to-rent sector in particular is strong which is reflected in this year's survey. During 2023, 61 percent of residential units delivered were build-to-rent which represents 63 percent of homes under construction.
"Looking forward, 2024 could be another record-breaking year for the city although we are yet to see the full impact of those headwinds steering the economy."