Bristol could be set to reap the benefits of London’s booming property market, according to a leading expert in the city.
A recent report featured in the Daily Telegraph has found that increasing numbers of firms are being forced to move out of central London due to the spiralling cost of office space in the capital.
According to the study, the booming office market in London’s traditional business districts and rising rents has led to a mini exodus of several major employers.
Philip Morton, the Head of Office Agency & Development at the Bristol office of CBRE, believes that regional cities such as Bristol could feel the benefits.
He said: “Bristol is ideally placed to benefit from the booming property market in central London. Prices have shot up in the capital in the last 18 months and many of the major employers are starting to vote with their feet and are actively seeking cheaper alternatives.
“Bristol is already one of the most popular cities in the country from a lifestyle perspective, has successful universities and its close proximity to London and Heathrow Airport makes it a great prospect for companies looking to relocate for a cheaper alternative to the capital.
The imminent electrification of the rail line will also improve transport links and reduce journey times between Bristol and London. We are expecting to see a major surge in demand in the next two to three years and there could be some significant arrivals.”
