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According to the JLL UK Office Market Outlook H1 2016, after a steady initial start to 2016, investment volumes were more muted in Quarter 2 with only one deal completing; the £24.1 million transaction at 1 Victoria Square acquired by DTZ Investors for 6.25%. This took deal volumes to £265 million in the first half of the year.
Prime yields were unchanged over the quarter, remaining at 5%, however prime pricing levels are under review and will become clearer through the course of the second half of the year.
The Birmingham office market saw a strong 2016 with over 217,000 sq ft transacted in Quarter 2. After a record breaking 2015 and a robust Quarter 1 2016, activity within the market was solid. Occupier demand has largely held up and the market has witnessed no sign of a slowdown in Quarter 2 despite the EU referendum at the end of the quarter. The key transaction over the quarter was Network Rail leasing just over 83,400 sq ft in Baskerville House.