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OFFICE SPACE CHEAPER IN BRISTOL THAN MAIN CITY RIVALS, SAYS KING STURGE

Global survey reveals total occupancy costs are less than Birmingham, Manchester and Edinburgh 

Office space in central Bristol is cheaper than in the city‘s main UK rivals, according to a report from the South West‘s leading firm of international property consultants.

King Sturge‘s latest Global Industrial and Office rents Survey reveals that the total occupation costs – rent, rates and service charges – for prime office space stands at exactly £40 per sq ft. 

That makes Bristol, with its well-established office market, a better prospect than Birmingham, Manchester or Edinburgh, which all charge at up to 15 per cent more.

And while other comparable cities Leeds and Glasgow offer cheaper rents, it is marginal at £39.50 per sq ft.  

London‘s West End is not only the most expensive in the UK market, it also tops the global league table with total occupancy costs running at £136 per sq ft.

The study of 50 cities around the world highlighted that Bristol is at number 18 in terms of total office occupation costs and is cheaper than European counterparts Moscow, Paris or Dublin for grade A city centre space, but more expensive than the likes of Milan, Frankfurt and Barcelona. 

Ian Wills, Head of Office Agency for King Sturge in Bristol, said the findings highlighted that while most of the UK office and industrial occupier market had hit a downturn, Bristol has remained resilient and offered value for money.

He added: “I think this report clearly demonstrates that Bristol is very much the place where people come to do business. 

“Obviously elements such as local taxes are out of the property industry‘s hands, but the relative buoyancy of the market compared to the rest of the UK shows that in these times of ‘belt tightening‘ businesses are backing Bristol and suggests they are getting value for money in the context of the wider property industry.”

The King Sturge survey found that global office occupation costs rose by 3.2 per cent on average per city in the six months to June 2008. Growth across the Asian Pacific region stood at 3.9 per cent, followed by Europe at 3.1 per cent and 2.8 per cent in North America. 

Ends.             26th September 2008

For further information please contact Louie Hadley, Sturgess Van Damme, on 01275 349011 or email louie@sturgessvandamme.co.uk