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News Release

Office Deals Trigger Sharp Take-Up of New Space in Bristol

City’s office market sees 40 per cent spike for new space, say Jones Lang LaSalle

Bristol, 11th January 2012 - Bristol’s office market has seen a significant increase in the amount of new office space being taken by occupiers, according to Jones Lang LaSalle.

Looking back at 2011 the property consultants said an unprecedented focus on good value deals meant occupiers rushed to snap up some of the city’s best office locations.
As a result the amount of new space let in 2011 was 40 per cent higher than the average, with overall take up for the year as anticipate broadly in line with 2010.

In all total take up for Bristol in 2011 came to 425,000 sq ft in the city centre and 275,000 sq ft for out of town business parks.

Ian Wills, Director in the Bristol National Office Agency team at international property consultants Jones Lang LaSalle, which was involved in 40 per cent of the city centre’s office deals in 2011, said: “Almost 140,000 sq ft of new space was taken in 2011 – 32 per cent of total take up – which is roughly 40 per cent above average, simply because there were such good value deals to be had.”

The largest transactions were by Creston Plc, which took 27,000 sq ft at Temple Quay to consolidate its communications businesses Emo and the Real Adventure, and ethical bank Triodos which took 26,500 sq ft in green building WestOne.

Other notable deals included London law firm Reynolds Porter Chamberlain which took 14,000 sq ft at Temple Circus, Temple Quay.

“In all there were 90 office deals in Bristol over 1,000 sq ft, the exact same number as 2010, with overall take up numbers for 2011 broadly in line with what we expected,” continued Mr Wills.

“Given all the bad news about the economy we think the Bristol market performed reasonably well in 2011,” he added.
“Looking to 2012 we have had a busy start to the year and with supply of quality space dwindling we anticipate occupiers trying to secure space whilst it is so affordable, despite the economic uncertainty.”