Bristol Office Demand

A recent report from Savills concluded that Bristol experienced a solid year for office market demand in 2017 with 611,000 sq ft of office space taken, 6% above the long term annual average. 57% of take up was signed for during the second half of 2017.

This was driven by Dyson taking 29,000 sq ft with University of Bristol’s letting 27,000 sq ft at 1 Cathedral Square.
The report identifies the recent Simmons & Simmons signing for 27,000 sq ft at Aurora, Finzels Reach as a key move. The 95,000 sq ft speculative Finzels Reach scheme is now 40% pre-let with competition for space intensifying among tenants for the remaining floors.

Bristol’s TMT (Technology, Media and Telecoms) sector took 134,000 sq ft of the office space taken last year, 22% of the city centre total. Savills highlight that 28 of the 30 deals were on floor sizes below 10,000 sq ft, indicating the depth of demand within the sector.

Take up in Bristol’s out of town market reached 425,000 sq ft, 34% above the 10 year average. This was largely driven by Babcock signing for 86,000 sq ft at 100 Bristol Business Park during the final quarter.

Office requirements remain robust in the Bristol market, and Savills expect take up to again reach circa 600,000 sq ft during 2018, 10% above the 10 year annual average.

Metropolis is tracking around 30 tenants with office requirements for Bristol, with a further 50 companies approaching decisions on whether to search.

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