75,143 sq GVA’s latest Big Nine report analysing the office occupier markets of the nine key UK regional cities, reveals that the UK has achieved its highest quarterly take-up total on record, assisted by Bristol’s own strong activity.
Professional and business services have dominated city centre activity in Bristol, which has seen the highest quarterly take-up for 2017. As a result, this has reduced both prime and secondary stock levels, aided by the lack of new build and large number of conversions to alternative use.
It is not surprising therefore that the city has witnessed the setting of a new headline rent at £30.50 with Mewburn Ellis’ 13,300 sq ft pre-let at Cubex and Palmer Capital’s Aurora building.
According to the Big Nine report, total take-up of offices in Bristol city centre in Q3 was 173,022 sq ft, compared to a five year quarterly average of 155, 080 sq ft. Out-of-town, Bristol has seen 134,456 sq ft of space taken-up, compared to a five year quarterly average of 75,143 sq ft.
GVA’s Richard Kidd says: “It has been a strong quarter of office take-up in both the city centre and out of town markets, not just in Bristol, but across the UK, showing the continued strength of demand. We have seen a long-anticipated increase in city centre headline rents in Bristol achieved at the Aurora building at Finzels Reach and believe that headline rents may well increase further in the coming months for both new build and refurbished space”
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