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News Release

Bristol

Office take-up figures show building confidence in Bristol economy

Almost 224,000 sq ft in office space taken up across the city


BRISTOL, 2 April 2013 – Office take-up figures have been released, which show that nearly 224,000 sq ft have been taken-up across Bristol city centre and in out-of-town locations in the first three months of 2014.

This is a 25 per cent increase on the five-year quarterly average of 177,000 sq ft.

Property consultants JLL says this is further evidence of building confidence among Bristol businesses and the company is predicting more activity as 2014 progresses, particularly in the last half of the year.

In town, take-up figures were 115,750 sq ft while out-of-town, lettings amounted to 108,241 sq ft. A further 95,000 sq ft were bought by developers looking to convert offices for alternative uses, such as new homes and student accommodation, which will bring economic benefit to outdated office space.

Ian Wills, director at JLL’s Bristol office, said: “Combined, these figures give an encouraging picture of the Bristol economy and shows that the market is moving in the right direction.

“We have a host of new enquiries from businesses looking to move to new locations within Bristol and this is largely being driven by consultancies, financial and professional services.

“Tenants are still looking for a good price but there is an increased appetite to invest in the right space. Modern, flexible and open plan accommodation is particularly in demand.
“We anticipate a very busy latter half of the year as many of these enquiries convert into deals.”

Key deals of the quarter included HSBC which took up 16,500 sq ft of extra space in Redcliffe. JLL and Knight Frank were joint agents. Out-of-town, US technology business Broadcom moved from Bristol Business Park to Aztec West, doubling the size of their offices to 25,500 sq ft.