Strong start for the Bristol office market | South West real estate news

Halo


According to new data, Bristol’s office market has seen a strong recovery both in the city center and in markets outside the city.

The Bristol Office Agents Society found the city center saw its highest ever Q1 turnout

A good start to the year was expected when several deals closed from 2021 onwards, but the record amount provides a platform for a “very positive outlook” for the rest of 2022.

A total of 30 deals have crossed the line, including the 54,767 square foot pre-lease at CEG’s EQ in Paymentsense and the 22,500 square foot pre-lease at Deloitte in Cubex’s Halo sustainable building.

Bristol’s out-of-town office market also had a strong start to the year with its strongest first quarter takeover since 2014.

A total of 16 agreements were signed giving an occupancy of 102,133 square feet. Chief among these was Lysander Law’s move to 19,333 square feet of first-floor space at 740 Aztec West.

Steve Lane, Office Leasing Partner at Cushman & Wakefield, said: “A fantastic record start to the year. As restrictions are lifted, occupancy levels continue to improve.

“We’ve seen businesses attracted to high-quality buildings with strong ESG credentials – evidenced by the fact that almost half of downtown business was in grade A schemes.

“These numbers put pressure on the vacancy rate and as demand continues to improve, the market will place a sustained emphasis on providing the high quality space that occupants need. “

Ian Wills, JLL’s director of office agency, added: “The market has really rebounded – it’s not the same everywhere, so Bristol is clearly a great place to work.

“We have seen a real flight to quality with occupants focusing on the best spaces. Buildings with low energy consumption, sustainable management and the best amenities are proving very attractive.”

Jose C. Birney