Bristol
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
+31% CHANGE ON LAST QUARTER
VACANCY RATE
-23BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
+2% QUARTERLY CHANGE
TAKE-UP (SQ FT)
Source: Avison Young
Positive occupier confidence in Bristol continued into Q2, with quarterly office take-up rising 31% to 262,600 sq ft. At this level, office demand sits 22% greater than the 10-year average and H1 represents the strongest start to a year since 2022 at 463,500 sq ft.
This positive sentiment was driven by the out of town market, where office demand rose to near record highs. This was due to Rolls Royce subletting 87,600 sq ft at Bristol Business Park to relocate from nearby – the largest deal across the Big Nine markets this quarter. As a result, Manufacturing and Industry constituted the majority of take-up.
Office vacancy in Bristol city centre remained largely flat over the quarter despite a surge in Grade A vacancy. Office prime rents in Bristol increased by 2% to £49.00 per sq ft, maintaining the city’s position as the highest-rented market among the Big Nine. This was a result of sustained demand for office space alongside the completion of high quality developments in recent years.
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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