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OFFICE UPGRADES TO HELP ATTRACT KEY STAFF

An increasing number of businesses in Bristol will be upgrading their offices over the coming year to help attract and retain the best personnel.

Chris Howell, Senior Associate in the office agency team at King Sturge in Bristol, said that as major schemes including Templeback and The Paragon in the city centre, and Gemini at Aztec West, came on stream, occupiers would take the opportunity to improve their accommodation.

But he said that the total take-up of offices in the city would be more in line with the ten-year average in 2008 following a “bumper” 2007.

“This is suggested by the lack of any significant pre-let activity at the current time, although, on the positive side, occupiers such as the Environment Agency are likely to commit during the course of this year,” says Chris Howell.

The forecast follows a record year for the office market in Bristol, in which just short of 900,000 sq ft was taken up in the city centre, underpinned by three significant pre-lets involving The Court Service, Hargreaves Lansdown and Burges Salmon.

There were 17 deals over 10,000 sq ft compared to 10 in 2006 and nine in the previous year.

“Take up in the out-of-town or business park market was the second highest on record at 410,000 sq ft,” he said.

Rents rose to £22.50 per sq ft for pre-let stock at Aztec West and freehold prices rose to around £250 per sq ft for courtyard office schemes.

Chris Howell added: “A total of 1.3 million sq ft was acquired for occupation in Greater Bristol in 2007, the best year on record compared to the ten-year average of 1 million sq ft.”

ENDS             21st February 2008

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

 

Notes to editors

King Sturge is one of the largest international property consultancies in Europe (52 offices in 17 countries), with a comprehensive network of over 165 wholly owned and associated offices throughout the world.  Over 3,800 staff throughout these offices cover all property sectors and specialisms, including plant and machinery.  In Europe, King Sturge operates in principal mainland European cities.

In Asia Pacific, King Sturge has associations in Australia, Indonesia, Malaysia, New Zealand and Singapore.

In North America, King Sturge has business partners in the Americas and Canada through King Sturge CORFAC International.