Investment volumes in the Bristol office market have soared by 283% in the first half of the year to £194m, according to BNP Paribas Real Estate
The total figure for the six months to the end of June is already 16.5% higher than the £164.3m recorded in the whole of last year, the agent said.
A report by BNP PRE confirmed that during H1 2015 occupier take-up of city centre offices totalled 266,003 sq ft.
This was marginally up on the five-year average but 10% down from the same period in 2014. Out-of-town leasing activity also contracted and, at 133,081 sq ft, was down 38% on H1 2014.
Significant city centre transactions included the 12,764 sq ft deal with serviced office provider Desklodge at 1 Temple Way and the 12,418 sq ft letting at Brew House to digital agency Zone.
Out-of-town transactions included the 22,509 sq ft deal with Apak Group at Nibley Court, Westerleigh Business Park, and Leidos’ 22,000 sq ft transaction at Monarch Court, Emersons Green.
The largest transactions so far this year have been Orchard Street Investment Management’s purchase of 10 Temple Back from Benson Elliot for £58.5m and Aviva Investors Property Trust’s acquisition of 66 Queen Square from Skanska for £32.78m in June.
Richard Ford, director of letting and sales at BNP PRE, said: “With occupiers currently looking for 600,000 sq ft of office space in Bristol, it is clear that the business community is optimistic regarding future prospects. The investor community is clearly confident too and the levels of activity have been spectacular.”
