PwC is set to pay the highest Bristol office rent in almost a decade after agreeing a prelet at Salmon Harvester’s and NFU Mutual’s 2 Glass Wharf at Temple Meads.
The professional services giant is under offer to lease just under a third of the 100,000 sq ft speculative office scheme at a headline rent of £28 per sq ft.
If it completes, the deal would reflect the highest rent in the city since 1995, according to DTZ.
Prime rents in Bristol have stagnated over the past two years following a brief recovery from a low of £26 per sq ft in 2009.
A deal at £28 per sq ft would surpass the city’s pre-crash peak of £27.50, which has since been replicated by EY at the Paragon when it expanded in 2012.
Andy Heath, director of office agency and tenant representation at DTZ in Bristol, said: “The deal is a great testament to Salmon’s brave decision to build speculatively and should lead to a number of the occupiers that have been dipping their toes in the market over the past 24 months realising they cannot keep holding off.”
Salmon and NFU began speculative development of the building in mid-2013 at the same time as Skanska broke ground on its 66 Queen Square development in the city centre.
The two schemes were the first speculative offices to be built in the city for four years and they competed fiercely to land the PwC letting.
PwC currently occupies 51,000 sq ft at 31 Great George Street. The decision to move to 2 Glass Wharf, where it will occupy the sixth, fifth and part of the fourth floors, comprising around 30,000 sq ft, reflects a move by the company towards hot-desking and a more efficient occupational strategy.
Work on the building is expected to complete in November.
CBRE is acting for PwC; Alder King is letting agent at 2 Glass Wharf.
jack.sidders@estatesgazette.com
