A research produced by
Demand was relatively subdued in Q4 2015, with total office take-up of 93,604 sq ft in Bristol city centre. This brings annual take-up to 490,769 q ft for the whole of 2015. Whilst 2015 take-up falls slightly below both the 5 and 10 year averages, the take-up of existing stock (as opposed to pre-let space) was remarkably good, in fact it was the third highest total on record over the last 10 years.
Two notable transactions in Q4 were the acquisition of 16,796 sq ft at 2 Glass Wharf by Arcadis and TLT's expansion within No1 Redcliff Street. TLT acquired a further 27,135 sq ft in the final quarter, taking their occupation in the building to over 85,000 sq ft.
Occupier demand has been primarily driven by Professional Services and the Technology, Media and Telecommunications (TMT) sector, which together accounted for almost two-thirds of occupier activity in H2 2015.
No new construction started in H2 2015, nor is any expected in Q1 2016. However, AEW commenced the refurbishment of Freshford House on Redcliff Way (31,210 sq ft) in Q4, whilst Hermes commenced the refurbishment of 31, Great George Street, (54,626 sq ft). Threadneedle have just commenced the speculative refurbishment of Capital House, Bond Street, but this will be reflected in the figures for Q1 2016.
Source : Knight Frank
