Take up of commercial office space in Bristol has been higher than anticipated for the first quarter of 2012, revealing a healthy market despite difficult economic circumstances.
Out of town space has performed particularly well, with 107,000 sq ft sold or let between January and March this year. This is 25% higher than the 5 year quarterly average. The figures include a solid number of sales and lettings predominantly amongst SMEs, and one headline deal with engineering firm Babcock taking 40,000 sq ft at the front of Aztec West.
Bristol city centre has also fared better than expected, with 77,500 sq ft taken up during the first quarter, a total of 25 new deals for space over 1,000 sq ft.
The new figures, pulled together by all commercial property agents in the city, reflect a solid level of demand in the market. This is underpinned by an increase in viewings and requests for proposals, according to Jones Lang LaSalle.
Ian Wills, director in the Bristol office agency team at Jones Lang LaSalle said: “Bristol has seen more office deals than expected in the first quarter of 2012 which bodes very well for the rest of the year, especially since last year saw significant pick up in the final quarter. Out of town space has performed particularly well, beating the 5 year quarterly average.
“This is very encouraging at a time when we are all on the lookout for signs of economic recovery. There may be fewer headline-grabbing deals amongst household names, but the true health of the market is measured in day-to-day deals amongst the region’s small and medium-sized businesses.”
