Bristol is growing in popularity as a place to live, work and play. It already has the BBC as a major tenant and is now fighting hard to capture Channel 4’s headquarters requirement.
Chris Meredith, director in the office agency team at Savills in Bristol, says city centre take-up increased by 6% above the long-term average last year to reach 590,000 sq ft and shows no sign of slowing.
The growth is having an impact on both grade A and grade B availability across the city. “There is now a record low level of city centre supply with less than 500,000 sq ft available,” says Meredith. “The appetite can best be illustrated at Aurora, Bristol’s only speculative office development, which is currently 75% prelet or under offer with still two months remaining until practical completion.”
Lack of supply and growing demand are pushing rents upwards, with prices being achieved in excess of the city’s current headline of £32.50 per sq ft.
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