Bristol
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
+52% CHANGE ON LAST QUARTER
VACANCY RATE
+165BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
0% QUARTERLY CHANGE
TAKE-UP (SQ FT)
Source: Avison Young
Q1 2025 take-up reached 200,775 sq ft in Bristol, this is up 52% on Q4 2024 however 7% down on the 10-year quarterly average. EDF’s 78,000 sq ft lease at 1000 Aztec West provided a boost to OOT numbers, totaling 107,780 sq ft, outperforming city centre take-up.
As a result of two energy providers acquisitions, EDF and OVO, the Manufacturing & Industry sector accounted for half of all take-up in Bristol in Q1. The Financial and Professional services sectors accounted for 7% share each.
237,000 sq ft is currently under construction in Bristol, 21% of which is pre-let. The latest development to complete is Commercial Estates Group the Crescent, Temple Back which has just reached practical completion. OVO’s 23,000 sq ft signals the first letting at the scheme.
Whilst prime city centre rents remained at £48.00 per sq ft, encouragingly, OOT rents experienced quarterly rental growth of 15% to £27.00 per sq ft demonstrating the appetite for good quality office space outside of city centre locations.
NOTABLE DEALS
Source: Avison Young
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA, Glenigan
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