Bristol Bounces Back

A recent report by Lambert Smith Hampton on the Bristol office market report, reveals that in the final quarter of 2016 transaction levels reaching almost double those of the previous quarter. Take-up reached 267,200 sq ft in Q4 2016, compared with 134,400 sq ft in Q3 2016. Strong demand has led to continued pressure on office supply in the city centre.

City centre take-up was boosted by HMRC’s pre-let of 107,000sq ft at Salmon Harvestor’s 3 Glass Wharf, which was the largest Bristol office deal of the year. Total take-up has exceeded the five year average. There were three deals for new office space in Q4 2016: Foot Anstey at 2 Glass Wharf, The West Wing Glass Wharf and JLL at 31 Great George Street.

The second-hand city centre office market has also seen increased levels of take-up with several deals of over 10,000 sq ft, including lettings at South Quay House, Redcliff Quay and the purchase of Victoria House for owner occupation. Companies recently signing for space in Bristol and reported by Metropolis included Regus, Unite and SmithCorp.

The out of town market saw annual take-up of 308,380 sq ft, including the letting of 100 Bristol Business Park to Babcock.. The other key letting of 30,430 sq ft was to Highway England at 930 Aztec West.

Construction of the 95,000 sq ft of Cubex’s Aurora office scheme at Finzels Reach is now well underway, with completion expected by the end of 2017. While the 53,000 sq ft refurbishment at Castleforge’s One Cathedral Square, is due to complete in May 2017.

Metropolis is tracking around 40 office requirements in Bristol and some 50 companies approaching lease events that could result in a relocation in 2017 or 2018.

 

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