Bristol Office Space Market Overview – 2007
Demand – Record Levels
• Office lettings in Bristol city centre during 2007 totalled 896,600 sq ft (83,294 sq m) compared to 506,600 sq ft (47,063 sq m) in 2006 and a 5-year average of 685,200 sq ft (63,655 sq m). Take-up in the city centre was the highest since 2004.
• Take-up in the out-of-town market was 410,500 sq ft (38,135 sq m) in 2007 compared to 270,900 sq ft (25,166 sq m) in 2006 and a 5-year average of 332,200 sq ft (30,861 sq m). Take-up out-of-town was the highest since 2001.
• Total take-up of 1,307,000 sq ft (121,429 sq m) was the highest since our records began, with the next highest being 1,242,100 sq ft (115,391 sq m) in 2001.
• There is approximately 215,000 sq ft (19,973 sq m) of grade A offices currently available in Bristol city centre with 257,000 sq ft (23,875 sq m) under construction and due to complete in 2008. Total current supply is 1,058,000 sq ft (98,288 sq m).
• The out-of-town market has approximately 110,000 sq ft (10,219 sq m) of accommodation under construction with approximately 355,000 sq ft (32,980 sq m) of existing stock available.
• Prime city centre rents are currently £27.00 per sq ft (£290 per sq m) although a pre-let has been achieved at £27.50 per sq ft (£296 per sq m).
• Out-of-town rents have achieved £23.50 per sq ft (£253 per sq m).
• Investment transactions in Bristol city centre and the out-of-town market for 2007 totalled approximately £134m compared to a total of £450m in 2006.
• Prime and secondary yields for offices have moved out significantly during 2007 and are expected to move out further in 2008.
Data Entry – We’re listed in the “Data Entry” section of the B2B Index