OUTLOOK
Birmingham
Birmingham's hosting of the highly successful Commonwealth Games catapulted the region into global acclaim, resulting in a £400 million economic boost, 9,000 new jobs, and 5 million visitors.
With an economic output surpassing £100 billion, Birmingham's growth continues, marked by record tourism, impressive inward investment, and a thriving young population. The acquisition of "Growth Zone" powers in December 2023 positions the West Midlands as a pioneering force in the UK's economic landscape. The forthcoming HS2, promising unrivalled rail connectivity, further amplifies the region's growth potential.
Economy
The UK's second-largest city by Gross Value Added (GVA), boasts a highly diversified economy. The digital sector is experiencing rapid growth, with a threefold increase in annual output since 2014. Birmingham's universities are pivotal contributors to the city's evolving economy.
Offices
Birmingham, a major UK office market, anticipates office stock to match growing demand. Inward investment, fuelled by HS2 and redevelopment projects like Paradise and Chamberlain Square, sustains the city's appeal to major corporate occupiers.
Retail
Birmingham ranks as one of the UK's premier retail locations. With 3.2 million sq ft of retail space, the city boasts the largest retail centre outside of London. The Bullring Shopping Centre, Mailbox and Grand Central Shopping Centre contribute to a vibrant and diverse retail landscape in and around the city.
Industrial
Birmingham's strategic location positions it as a vital logistics hub, serving 90% of the UK's population within a 4-hour drivetime. The city's industrial sector, anchored by historically significant sub-sectors like manufacturing and transport & storage, employs around 12% of the workforce.
Residential
Birmingham exhibits resilient demand for residential investment, set to increase as macroeconomic challenges subside. The city's compelling narrative, driven by the need for more homes, particularly for young renters, positions it as an attractive investment destination.
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