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Commercial Experts Report Improving Office Market Conditions in Bristol

wantspacegotspace.co.uk - Commercial Experts Report Improving Office Market Conditions in BristolThe level of occupied office space in Bristol City Centre is showing signs of improvement according to research by Colliers International.  Despite take up in 2012 flatlining and being at a similar level for the last few years, the unique research known as Net Stock Absorption (NSA) tells a different story.

James Preece of the office team said: “Following a sustained period of decreasing occupancy of second hand offices since late 2008, 2012 showed the first upswing with overall absorption rising by just over 100,000 sq ft in the second half of the year.  This brought the total for 2012 up to c. 220,000 sq ft.”

He added: “Notwithstanding the low take up in 2012, Grade A office occupancy has maintained its positive tone, mostly due to the complete lack of development.”  

Steve Lipfriend, Director of the offices team in Bristol said: “Overall vacancy in the City Centre saw a reduction for only the second time in five years largely driven by the number of secondhand office transactions.

“The availability of Grade A offices continued to diminish in 2012 and with only one scheme due to complete in 2013 being PRUPIM’s substantial refurbishment of 1 Victoria Street of 47,500 sq ft. We are approaching a tipping point where rents may start to grow.”

The technology and media sector has shown good growth and this is predicted to continue. Occupiers of this type favour flexibility in their lease terms and with a reasonably high level of supply, many landlords are willing to offer it.
The research shows that over the last 12 months it has been the refurbished secondhand offices that have been absorbing the vast majority of demand and this is likely to continue in 2013.

We have already seen the city council purchase 100 Temple Street, which will allow them to occupy 70,000 sq ft of good quality Grade B offices immediately.  This transaction will give take up in the city centre a significant and much welcome boost in 2013.

Posted by The Editor (wantspacegotspace) on 25th March 2013

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