Reports of office market death premature as Goold Estates completes six deals

A West Midlands property investment and development company has proved that reports of the death of the office market are premature after completing lettings to six companies.

Goold Estates believes that the deals at offices across its portfolio clearly demonstrate that demand is still strong for high quality office accommodation, with good parking provision, in towns across the Black Country.

The largest of the recent lettings saw accountancy firm Crowe UK sign a new 10-year lease on 17,051 sq ft of space at Black Country House in Oldbury.

Recruitment solutions provider The Staffing Group has agreed a five-year lease on 8,526 sq ft at Forster House in Walsall. A five-year lease on the entire 6,207 sq ft office space available at Masonry Trading Estate has been agreed with Tuffnells Parcels Express.

Hydravalve, part of the Fluidpower Group, has agreed a five-year lease on 2,129 sq ft at Black Country House in Oldbury, while Back Office Pro has taken 3,378 sq ft of space at Fairground Way, in Walsall. The sixth letting was to Henleys Security Doors, who took 1,820 sq ft at Gatehouse Trading Estate, in Brownhills, on a five-year lease.

Dominic Goold, managing director of Oldbury-based Goold Estates, said: “We’ve all seen reports of the decline of the office market as more companies, out of necessity, embraced the work from home culture during the Covid-19 lockdown.

“However, our experience demonstrates it is very much alive and kicking. Businesses are still very keen to secure high quality accommodation for their workforce, with good parking provision being high up the list of priorities.

“In the space of a few months we have completed lettings and lease renewals, totaling almost 40,000 sq ft, to six occupiers at offices in towns including Oldbury, Walsall and Brierley Hill. We now have just 1,400 sq ft available across our entire portfolio, which is a tremendous result considering the economic impact the pandemic has had on so many businesses.”