King Sturge

BRISTOL WILL LEAD THE WAY IN UK OFFICE MARKET RECOVERY, SAYS KING STURGE

Bristol‘s office market is the best placed of any UK city to return to growth in the next 18 months, according to international property consultants King Sturge.

Ian Wills, partner in the office agency team at King Sturge in Bristol, said London would lead the UK‘s office market to recovery.

But he told the firm‘s annual media briefing in Bristol that lack of oversupply meant that the city – along with Manchester – would be close behind as the regional frontrunner.

“Demand will remain under pressure outside London, as the public sector squeeze begins, although central government relocations and banking may provide an upside,” he said.

“On the basis of past demand and current supply however, of the major centres, Bristol and Manchester are best placed to lead a regional recovery.

“During the last recession we had deserted buildings in Bristol, but that has not happened this time. There was a surge of activity at the end of last year and currently there is around 400,000 sq ft of Grade A office space available, 100,000 sq ft of which will be taken by the end of Q1.

“That means every building which was completed last summer, when the development ‘tap‘ was effectively turned off, will have an occupier.”

Mr Wills added that Bristol was also in a comparatively strong position when it came to public sector consolidation and relocations, which are likely to accompany imminent public spending cuts.

“After the General Election, there is a strong chance that government departments will cut their head count and begin outsourcing, the kind of opportunities on which Bristol has traditionally been able to capitalise.”

ENDS 27^th January 2010

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email neil@sturgessvandamme.co.uk