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
Office leasing in Greater Bristol experienced a slightly slower quarter in Q3 2024, totalling 110,312 sq ft, which was 46% below the 10-year average and 46% decrease from last quarter.
Take-up in the city centre market was 40% lower than the long-term average, whereas the out-of-town market was 68% below. However the year-to-date figures at 339,192 sq ft are 50% higher than the equivalent 2023 figures.
Key deals included:
- BLOCK’s 21,235 sq ft lease at The Fairfax;
- Turner & Townsend’s 9,715 sq ft lease at the Temple Point;
- Allianz’s 8,178 sq ft lease at 10 Victoria Street
The leading sectors over the past four quarters were Professional services, Government Services and Consumer and Private services, together accounting for 63% of all take-up.
The city’s prime rent increased to £50.00 per sq ft, growing 18% 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 39 basis points during the quarter to 8.7%. It is 213 basis points above last year. Premium quality space is undersupplied with the grade A availability rate at 2.5%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 138,021 sq ft space has completed so far in 2024, with 567,000 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 2026.
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