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
Q4 2024 take-up reached 131,988 sq ft in Greater Bristol, up 20% on Q3 however 42% below the 10-year quarterly average. As a result, annual take-up reached 626,783 sq ft, 10% down on 2023’s total and 32% below the 10-year annual average.
In the city centre, take-up reached 101,370 sq ft in Q4 2024, up on 86,157 sq ft achieved in Q3 but 33% below the 10-year quarterly average of 150,887 sq ft.
Key Q4 deals included:
- Aecom’s 15,124 sq ft lease at 3 Rivergate;
- Outcomes First Group’s 13,075 sq ft purchase of 23 Clothier Road, Brislington;
- DNV’s 11,261 sq ft lease at 3 Rivergate
2024 take-up in Greater Bristol was driven by the Professional sector accounting for a 22% share. The Financial Services sector and Government sector took the next largest shares at 11% and 10%, respectively.
The City prime rent in Q4 2024 was £48.50 per sq ft, similar to the previous quarter however 14% ahead of the same period in 2023. Out of town rents remained unchanged at £25.50 per sq ft.
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 vacancy rate rose to 10.6% in Q4, up from 8.7% in Q3. Grade A supply remains constrained at 3.4%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
The largest development to complete in Q4 2024 was The Welcome Building, 4 Glass Wharf. 207,000 sq ft was delivered at the Trammell Crow & Tristan Capital Partners scheme of which 162,000 sq ft remains available. Just one scheme is due for completion in Bristol this year; The Crescent, Temple Back is due for completion in Q2 2025.
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