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 totalled 267,975 sq ft, 11% below the 10-year quarterly average. This brought total 2023 take-up to 696,047 sq ft, 23% below the 10 year average.
Take-up was comparatively stronger in the city centre market at 8% below the long-term average, whereas the out of town market was 17% below.
Key deals included:
- Dyson’s 66,317 sq ft lease at 1 George’s Square;
- DLUP’s 28,550 sq ft lease at Neighbourhood North;
- Deloitte’s 6,730 sq ft lease at Halo.
The leading sectors over the past four quarters were consumer and private services, manufacturing and industry, and government, together accounting for 59% of all take-up.
The city’s prime rent remained unchanged for the seventh consecutive quarter at £42.50 per sq ft, although we anticipate growth in the headline rent over the next 6 months based on deals currently under offer, and as occupier demand for highly sustainable space continues.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
0%
Quarterly change
Source: Avison Young
0%
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 rose 259 basis points to 9.1%, now 408 basis points up on last year. Premium quality space is undersupplied with the grade A availability rate at 2.0%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 196,536 sq ft space completed in 2023, with 736,216 sq ft speculative space now due to complete throughout 2024, including space at EQ, The Crescent, and 3 Rivergate. A further 81,000 sq ft is due to complete in 2025. In total, 15% of Bristol’s development pipeline is let or pre-let.
Investment
TOTAL INVESTMENT VOLUMES
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
PRIME YIELD
INVESTMENT VOLUMES
Source: Real Capital Analytics, Avison Young
INSIGHT
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TOP DEALS
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