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Encouraging increase in Bristol regional office market, says GVA

wantspacegotspace.co.uk - Encouraging increase in Bristol regional office market, says GVAProspects for the Bristol office market have improved in Q1 2013 with talk of speculative office development activity in the city centre and interest beginning to return from developers and investors according to GVA, the UK’s largest independent property consultant. Bristol has seen strong take up activity in both the city centre and out-of-town markets during the first quarter of 2013.

In what is typically the slowest quarter of the year, Q1 take-up activity across the nine centres studied in GVA’s Big Nine report performed 19% above average with stronger activity in the out-of-town markets.

In the out-of-town markets across the 9 centres, a total of 820,684 sq ft, 37% above the quarterly average, was recorded. Activity was above average in Bristol, with 81,650 sq ft of space taken up out-of-town, compared to the Quarter 1 average of 75, 048 sq ft across the 9 centres.

In Bristol, city centre take-up in Quarter 1 stood at 145,555 sq ft, compared with a quarterly average of 153,515 sq ft.  Q1 activity was led by Bristol, Leeds and Manchester, with Bristol’s stand out deal being the purchase by Bristol City Council of 100 Temple Street for £18 million of which they plan to occupy 75,000 sq ft immediately.

Richard Kidd, National Markets Director for Offices GVA in Bristol commented:  “Deals are still taking time to get over the line and the backbone of activity consists of a churn of refurbished Grade B stock below 10,000 sq ft with the average deal size during 2012 being just 3,500 sq ft.

“On the other hand, the number of transactions in 2012 was 20% up on 2011 and this trend has continued in the first quarter of 2013.  In addition there are a number of larger space requirements currently in the market and with Grade A space in tight supply this should bode well for the market in 2013.

“This renewed confidence in the market has meant we are seeing two schemes gearing up to start speculatively in the city centre. Salmon Harvester has indicated that it will begin building a 100,000 sq ft £35 million speculative office scheme at Two Glass Wharf at Temple Quay; while Skanska has indicated it will start on site at 66 Queen Square for its 60,000 sq ft development.”

The Big Nine report highlights city centre and out-of-town take-up in the nine GVA regional office centres, which recorded a total take-up of 1,917,500 sq ft in Q1. The city centre take-up made up 57% of that total.

Posted by The Editor (wantspacegotspace) on 13th May 2013 (updated 16/05/2013)

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