Bristol offices lettings close to record

A recent report from property consultant CBRE revealed that office take-up for the first 9 months of the year is 447,113 sq ft, setting Bristol on course to match or exceed the five-year annual average by year-end, helped by the 107,000 sq ft prelet at 3 Glass Wharf to HMRC earlier in 2017. Office deals during the third quarter totalled 179,000 sq ft.

The largest office letting in Q3 was to Grant Thornton which took 16,800 sq ft at 2 Glass Wharf. A rent of £30.00 psf was achieved on the first pre-let (13,326 sq ft) to Mewburn Ellis at the Aurora scheme at Finzel’s Reach. There were also deals to Jordans and Soil Association.

Demand continues to be strongest in the 5-15,000 sq ft size range, although there has been only one deal over 20,000 sq ft in the city centre so far this year.

Deals under offer in the city include Dyson and University of Bristol  at the recently refurbished ‘One Cathedral Square’ office scheme.

Professionals services and financial services have been the dominant sector in the third quarter.

Out of town Q3 take up received a boost from the refurbished Chocolate Factory in Keynsham, which has let 47,000 sq ft of offices in two deals.

University of Bristol has submitted an outline planning application for a £300m city centre campus on a seven-acre site next to Bristol Temple Meads railway station

The outlook for Bristol remains strong with a number of significant requirements such as 250,000 sq ft for DWP, expected to be satisfied by year end.

Metropolis is tracking a number of companies looking for office space in Bristol, including several confirming searches in the last quarter. There are also a large number of Bristol office tenants approaching lease decisions in 2018.

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