With office space in increasingly short supply following the conversion of many buildings into residential or student accommodation, refurbished offices are proving increasingly popular for Bristol businesses looking to move or expand.
Rising demand has triggered the first rental growth since the start of the recession back in 2008.
Paul Williams from Bruton Knowles has let two refurbished office suites near the city centre as activity levels continue to climb.
He has let a second floor suite of 2,000 sq ft at 35-38 High Street to Brook Street UK Ltd for their specialist social care recruitment team, which has relocated from a nearby building which is now earmarked for residential conversion.
The High Street property is already popular with the recruitment sector, having a well-established branch of Office Angels on the ground floor and it also has a Bikram Yoga centre on the first floor.
The modern, open-plan accommodation is prominently located overlooking the High Street within a short walking distance of Broadmead and Cabot Circus Shopping Centre, and was let off a quoting rent of £10 per sq ft.
He has also let a floor of 1 York Court in Upper York Street to Smallprint Franchising Ltd on behalf of landlord Interplan Interiors, prior to completion of the refurbishment. The 760 sq ft open-plan suite is close to both the M32 and Cabot Circus shopping centre, comes with the added benefit of an on-site parking space, which is unusual for a suite of this size in the city centre.
He said: “The area around the fringe of the City Centre is especially popular with charities and design/creatives who don’t necessarily need to be located in the absolute centre, where occupational costs are high and parking is expensive and difficult to come by.
“We were able to achieve a rent of £12.00 per sq ft despite the fact that the refurbishment of the building was still ongoing, and we have good interest in the remaining two floors of 900 sq ft each. I expect these also to be let shortly.
“Whilst the Brunswick Square area has traditionally lagged behind the city centre in terms of rental levels, it is now experiencing something of a renaissance, as businesses wake up to the benefits of a convenient and accessible location, which still benefits from lower than average occupational costs.”
The opening next month of the new Hampton by Hilton hotel in the former office building on the corner of Bond Street and York Street will further help to improve matters as footfall in the area increases further.
