Retail, offices and life sciences are among the sectors that will power real estate growth in Birmingham in the next decade, according to a newly published report.
Property consultancy CBRE has analysed 12 real estate sectors in 50 regional cities and towns across the 海角视频, comparing economic drivers, demographic trends and market data to arrive at its forecasts.
In addition to retail, offices and life sciences, the report says Birmingham featured as a top ten location for urban logistics, student accommodation, housing, self-storage and leisure.
The city topped the national table for retail expansion, underpinned by the strongest population growth outside London and with consumer spending expected to increase by 2.35 per cent.
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Unlike other cities in the sample, Birmingham does not have an oversupply of retail space which means vacancy rates are low and there is headroom for growth.
The city is ranked third in the survey for office prospects, behind Manchester and Bristol, where stronger GDP growth is anticipated. Birmingham's large and highly skilled talent pool is helping to drive demand from corporate occupiers, CBRE's analysis says.
Will Ventham, who heads the firm's Birmingham office, said: "There are exciting opportunities in the life sciences sector and Birmingham has all the components to make it a success, including its excellent universities and the Queen Elizabeth Hospital Birmingham, one of the largest single-site hospitals in the 海角视频 and a major teaching trust.
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"The city's ultra-diverse population also makes it one of the best placed in Europe for clinical trials. Science and innovation parks are also emerging to cater for incubating businesses, a sure sign that the sector is poised for take-off.
"The contribution of the wider Midlands region also needs to be factored in. Nottingham and Coventry are becoming significant players in life sciences too and we have the makings of an exciting new life sciences triangle between Birmingham, Oxford and Nottingham."
Birmingham's Grade A office market is enjoying ongoing success, with both the Paradise estate and 103 Colmore Row scoring high-profile lettings and rents approaching the mid-£40 per sq ft.
The city's flexible working offer has also matured and now accounts for some 650,000 sq ft of overall office space.
Mr Ventham added: "Birmingham is at the heart of the country and with HS2 coming down the line there won't be a better-connected regional city.
"With a highly skilled workforce, it's easy to see why many global financial and professional services firms have chosen to set up major regional hubs here.
"The education sector has also been highly active in 2023, with 45,000 sq ft at Louisa Ryland House and 27,000 sq ft at the Citadel let to QA Higher Education and Aston University respectively.
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"The aggressive expansion of new and incoming universities is not only boosting office take-up but pushing demand for student accommodation as well."
Birmingham's retail sector has emerged from the pandemic fighting and is primed for expansion, according to the CBRE report.
Senior retail director Chris Thomas said: "Birmingham's retail fortunes look rosy on the back of the city's predicted population growth and improved consumer spending.
"The Bullring has helped cement the city's shopping credentials - owner Hammerson has ensured it remains highly relevant by marrying entertainment and experiential concepts with traditional retail. Hammerson's plans for Grand Central mirror this strategy.
"Footfall has now returned to pre-pandemic levels at Bullring and the draw of both Bullring and Grand Central benefits the stores on High Street and New Street."