The Bristol office market has continued to perform solidly in the second quarter of 2017, with a significant jump in the number of deals completed.
Bristol-based national offices director James Preece of Colliers International said a steady take-up level of 200,000 sq ft overall had been achieved.
“Bearing in mind the largest transaction in Q2 was less than 18,000 sq ft, this certainly demonstrates the underlying strength of the Bristol office market,” he said.
He added that Bristol office take-up figures for the second quarter were broadly in line with the five year average for the first half of the year.
“This is impressive when there have been two record years of take-up in the last three,” he said.
“The second quarter has seen the city centre see a significant jump in the number of deals completed, rather than an increase in the size of a transactions.
“Steady demand across the whole market from professional services, technology and the serviced office sector has ensured that the five year average has been fairly closely followed.”
Mr Preece added that 2017 Q2 take-up in Bristol city centre was 12% higher than in Q1, at 142,000 sq ft, with the largest city centre deal being a 14,000 sq ft letting to Jordans on the first floor of Temple Back.
He said the number of city centre transactions was up 71% quarter on quarter, with 48% of the deals between 5,000 and 10,000 sq ft, while the half year take-up stands at 268,000 sq ft, only 6% below the five year average for this period.
Out of town take-up for the second quarter was 59,000 sq ft – almost identical to the same time last year – with the largest transaction being the sale of Equinox South (17,900 sq ft) to Biz Space, which was negotiated by Colliers International.
However, he said that H1 take up out of town was 10% up on the same period in 2016 at 149,000 sq ft, and added: “We are aware of a number of deals over 5,000 sq ft that are currently under offer which should complete in Q3.”