Office take-up in Bristol could hit the magical one million sq ft mark before the end of the year according to sector experts at Colliers International.
The fast recovering offices market has continued to gather pace with take-up for the first three quarters up almost 19 per cent on the five year average.
Colliers International national offices director James Preece said city centre and out of town markets had recovered to levels not seen since 2007.
He said: “The out-of-town market has continued to see the largest deals, with the city centre witnessing a surge in the number of transactions completing. The combination of both in and out-of-town markets improving has seen the Q1 to Q3 take up surpass the full year total over the last three years.”
“The Q3 figures demonstrate that the Bristol office market is going from strength to strength. The out-of-town market has already seen five deals above 20,000 sq ft this year.
“Although there has been a lack of transactions of this size in the city centre, this is compensated by a 40 per cent increase in the total number of deals completed so far this year.
“There are a number of large lettings under offer both in and out-of-town that should complete in Q4 which could push overall take-up beyond one million sq ft.”
City centre take-up to date (Q1-Q3) totals 435,000 sq ft – 12 per cent up on the five year average.
“This is despite the fact the largest letting in the city centre being just 17,400 sq ft”
James Preece predicted: “Grade A lettings have been few and far between this year but this is set to change in Q4.”
