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BRISTOL OFFICE MARKET ACHIEVES TWO-YEAR HIGH

More than 300,000 sq ft of office space has been taken in Bristol in the first three months of 2010 – the best performance for two years.

International property consultants King Sturge say the figure is more than double last year‘s average quarterly take up, and that the nine office deals concluded so far this year confirm that the city‘s office market is on the road to recovery. 

They include four deals of over 20,000 sq ft, with Avon and Somerset Constabulary acquiring 40,000 sq ft, financial company NFU Mutual at Temple Back (22,800 sq ft), the College of Law at Temple Circus (20,000 sq ft) and accountancy firm Ernst & Young at The Paragon (20,000 sq ft).

The other notable deals involve financial services firm Chartwell, Ashford Solicitors, Royal & Sun Alliance, law firm Irwin Mitchell at Tower Hill and the police acquiring an additional building at Harlequin Office Park in Emersons Green.

Ian Wills, partner in the office agency team at King Sturge in Bristol, said London was already leading a recovery in the UK office market.

But he added: “Due in part to a lack of over-supply we believe Bristol, alongside Manchester, is the best-placed of the regional cities to achieve a return to real growth in the next 18 months.

“It is astonishing to think that we have seen the 300,000 sq ft barrier being broken in this quarter and a new record rent of £27.50 sq ft achieved in the city centre at The Paragon.
 
“These deals are spread across a range of sectors and are confirmation that the city‘s new central business district is now firmly established around the ‘Temple Quarter‘ area. In addition all of the buildings involved, with the exception of the former Ernst & Young building in Bridewell Street, are either brand new or newly refurbished.

“This is certainly a sign that a recovery is underway – albeit we anticipate more modest take up in the next quarter.”

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, government departments will begin cutting their head count and start outsourcing, and these are the kind of opportunities on which Bristol has traditionally been able to capitalise.”      

Photo Caption 1: Temple Circus

Ends                                          15th April 2010

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