Bristol city centre has seen a record 68% increase in take-up over the past year, with figures exceeding 96,616 sq m (1.04m sq ft), for the first time in 15 years.
Take-up figures for 1999 increased from 55,740 sq. m (600,000 sq. ft) in 1998, to the present figure, mainly because of the sharp increase in developing former office space to residential space to soak up high demand for student accommodation.
This is the city’s biggest growth area. Offices acquired for conversion to residential use accounted for a third of the take-up figures – 30,193 sq. m (325,000 sq. ft).
The strength of the residential market and associated high values made it hard for office developers to compete. But the removal of redundant office stock helped stimulate the office market, which saw a 30% increase in take-up in 1998 from 47,704 sq. m (513,500 sq. ft) to 66,145 sq. m (712,000 sq. ft) last year.
The survey was carried out by local agents: Alder King, Chesterton, Hartnell Taylor Cook, King Sturge and Lipfriend Dawson.
EGi 08/02/00
