The Bristol office market has shown considerable resilience during 2020, in the face of some of the most challenging market conditions in recent times. It ended the year just 20% below its five year average take-up, comparing extremely favourably with other major commercial centres across the UK. In our latest snapshot, we highlight –
- Whilst take-up in the OOT market was at 20% below the 10-year average, matching the wider City, figures were skewed by the 132,000 sq ft pre-let to Babcock in Q3. This represented just under 50% of total transactions in 2020.
- Low supply of new space and diverse demand have helped keep rents stable and although requirement levels are still strong, the bulk of activity is at the sub 5,000 sq ft end of the market.
- With the accelerated rollout of the UK’s vaccination programme and a gradual return to normal operating conditions in H2 2021, we foresee a far more encouraging outlook with a bounce back in occupier and investor confidence expected from Q3 onwards.