Bristol office market buoyed by boom – Savills | South West real estate news

According to Savills, Bristol’s office market has been boosted by a take-up boom.

The city saw 377,884 square feet of business in the first half of 2022, an increase of 71.8% from 219,955 square feet in the first half of 2021.

This makes it the highest take-up recorded since the first half of 2016.

Savills notes that the TMT sector continues to be the most active, accounting for 43% of overall demand. The professional sector came second with 22%, while business and consumer services finished third with their share of 11%.

The top three business deals were the pre-letting of 54,767 square feet from EQ to Paymentsense, Pax8’s acquisition of 24,375 square feet from Royal London’s The Distillery and Deloitte’s pre-letting of 22,500 square feet from Halo.

Christopher Meredith, head of office agency team at Savills Bristol, noted that the impact of a record level of investment targeting Bristol tech companies is “boosting both business demand and indicative rents. in the city”.

Clare Bailey, Director of the Commercial Research Team, added: “Employers have realized they need to react to the demands of the millennial workforce which has driven demand for Class A office space.

“Occupants are looking for offices that can provide the best collaboration experience, creating a fun and inviting place to work, but also spaces that promote staff well-being, with measures such as better access to light day, air quality and acoustics, which has proven to be effective in reducing absenteeism and improving staff retention rates.”

Jose C. Birney