Bristol’s office markets have received a further boost with the release of the take up figures for the first three months (Q1) of the year, according to leading commercial property consultants Knight Frank.
The statistics confirm Q1 take up in Bristol City centre to be 195,502 sq ft – the second highest quarter’s take up in the last eight years and a full 43 per cent above the 10 year quarterly average.
The impact of this strong take up – together with the removal of almost 70,000 sq ft of office space for alternative uses – has meant a significant drop in overall availability, which now stands at its lowest level since July 2007.
Martin Booth, head of Knight Frank’s office agency team in Bristol, commented: “With increased competition and decreasing levels of stock, we have seen significant rental growth. Six months ago this was prevalent in the market for smaller space. Now it’s true across all size ranges and is set to continue.”
Martin added: “Whilst there is a reasonable pipeline of space under refurbishment which will be delivered this year, the development of new space is limited to just 95,500 sq ft in a single scheme. This development, Aurora at Finzels Reach, will not be available for occupation until September 2017.”
Bristol’s out of town markets also saw continued improvement. “Take up of 75,172 sq ft is very much in line with the 10 year average,” said Martin. “However, with availability down to its lowest level since 2009 and with no ongoing development and just a single building of 40,000 sq ft being refurbished at Aztec West, the problems of future supply are potentially more acute.”
