Prospects for the regional office market have improved significantly in Q1 2012, according to GVA, the UK’s largest independent property consultant. In what is traditionally the slowest quarter of the year, city centre take up in Bristol has totalled 91,500 sq ft of office space. A total of 104,000 sq ft of out of town office space was also taken up.
“We have seen an encouraging increase in enquiries and requirements, pointing to an improvement in activity during the rest of the year,” says GVA’s regional head of offices in Bristol, Ben O’Connor.
“There are currently some excellent deals around on Grade A stock, so for companies looking to move, then 2012 may be the year to do so as the same opportunities may not be there in 2013.”
Across the nine centres studied in the Big Nine report, city centre take-up totalled 944,000 sq ft in Q1, which is 7% below the quarterly average. There were 666,000 sq ft of deals in the out of town market – with Bristol one of just four cities to see deals activity over 100,000 sq ft.
Ben O’Connor adds that with little development, grade A supply continues to tighten, while secondary property remains in plentiful supply.
“A number of cities across the UK, including Bristol, are in the position where take-up going forward may be reduced as a consequence of the lack of future supply.”
“There are many significant leases, originally taken out 15 – 25 years ago, coming up for renewal over the next two years, adding to the potential availability of good quality, secondary stock, and more importantly some major occupiers looking for new space in the future.”
For further information on GVA’s latest Big Nine report visit www.gva.co.uk/research
