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Good signs from the Bristol office market

1 November, 2007

Despite all the talk of gloom and doom in the property market, all the signs indicate a record level of take up in Bristol’s office floor space from occupiers across the city centre and in the out of town market this year.

The first 9 months of this year saw over 125 office lettings in Bristol and we expect this high level of activity to continue to the end of the year. If this prediction comes true it is very likely that we will exceed the levels of activity shown in the record year of 2004.

Take up of office space in the city centre alone totals just over 630,000 sq ft. Whilst the baulk of activity comes from small to medium sized companies, it is a demonstration of the strength of the city as a national destination that almost half this take up is attributable to two significant deals completed this year to Burges Salmon Solicitors (180,000 sq ft at Temple Quay North) and the Court Service (90,000 sq ft at 2 Redcliff Street). These major lettings are likely to be joined later in the year by the letting of a new headquarters building to Hargreaves Lansdown (c.100,000 sq ft).

Against this backdrop we are seeing extensive development activity as developers seek to meet the demand of occupiers looking for new space around the now well established Temple Quay area and in the North Bristol locations of Aztec West and Bristol Business Park.

It is the City Centre that is being dramatically transformed, especially if one walks round the Redcliff area because it is clear that this area is set to

become one of the most vibrant and talked about areas of the city. The end of this year will see the completion of Hartwell House and Deeley Freed’s Portwall Lane scheme. UK & European are building a total of 123,000 sq ft at Templeback, this will be one of the largest speculative buildings to be completed in the City for many decades and is one of the largest schemes in the UK. Cubex have just commenced construction of the Paragon offering over 70,000 sq ft with completion of at the end of next year.

The various schemes being constructed will provide Bristol with not only a cutting edge commercial quarter but with the completion of Finzels Reach and Redcliff Village a large amount of new residential and leisure space able to bring the areas to life in the evenings when the office workers go home.

Overall the outlook for the commercial property market in Bristol looks positive and it is hoped that the quality of the stock being created coupled with the active local economy will enable the city to ride out the uncertainties prevalent in the wider economy.