Bristol
Take-up
TOTAL TAKE-UP IN QUARTER (SQ FT)
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
TAKE-UP (SQ FT)
Source: Avison Young
Take-up for Greater Bristol totalled 203,386 sq ft, 9% above the 10-year Q2 average and 12% increase from last quarter.
Take-up in the city was 3% below the long-term average, whereas the out-of town market was 34% above. Take-up in the city centre market was 19% below the long-term average, whereas the out-of-town market was just 2% below.
Key deals included:
- Sirona Care & Health’s 20,420 sq ft lease at South Glos Council Offices, Yate;
- Great American’s 20,365 sq ft lease at One Temple Quay;
- Citibase’s 19,328 sq ft lease at The Aztec Centre.
The leading sectors over the past four quarters were professional services, consumer and private services and government, together accounting for 59% of all take-up.
The city’s prime rent increased to £48.00 per sq ft, growing 13% over the last year.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
Quarterly change
Source: Avison Young
12 month change
Rent free months (10-year lease)
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
Availability
AVAILABILITY RATE
CHANGE ON LAST QUARTER
CHANGE ON LAST YEAR
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
Bristol’s availability rate increased by 10 basis points during the quarter to 8.3%. It is 219 basis points above last year. Premium quality space is undersupplied with the grade A availability rate at 2%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 109,863 sq ft space has completed so far in 2024, with 442,736 sq ft speculative space now due to complete throughout 2024, including space at The Welcome Building, 3 Rivergate and The Crescent. A further 81,000 sq ft is due to complete in 2025.
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