Savills: Booming Bristol office market sees highest level of take-up in six years

The TMT (Technology, Media and Telecom) sector continues to be the most active sector this year, accounting for 43% of overall take-up. The Professional sector is second, accounting for 22% of take-up, while Business and Consumer Services finished third with its share of 11% of total take-up this year.

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

Christopher Meredith, Director of the Office Agency Team at Savills Bristol, said: “The impact of the record level of investment targeting Bristol’s technology companies is boosting both business demand and indicative rents in the city. We’ve seen a 12% rise in rents to £42.50 this year as occupiers get the best quality office space to support their workforce amid rapidly declining Grade A stock . »

Clare Bailey, Director of the Commercial Research Team, adds: “Employers have realized they have to react to the demands of the millennial workforce, which has driven demand for premium office space. A. Occupants are looking for offices that can provide the best collaboration experience, create a fun and inviting place to work, but also spaces that promote staff well-being, with measures such as better access to light daylight, air quality and acoustics, which have been shown to reduce absenteeism and improve staff retention rates.

Disclaimer

Savills plc published this content on July 18, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on Jul 18, 2022 1:33:01 PM UTC.

Jose C. Birney