Bristol’s growth as a technology and media hub has been underlined by new research which shows more than half of office deals in the city centre during the first quarter of 2018 involved companies in this sector.
Technology and media companies accounted for 59% of deals in Bristol city centre during the first three months of this year, according to the Bristol Offices Summary from real estate services company Colliers International.
James Preece, director in the National Offices team in the Bristol office of Colliers International, said: “The most prevalent sector, by some margin, in the market in Q1 was Media & Technology, accounting for 59% of space taken in the city centre.
“This compares to around 25% of city centre deals in Bristol during the same period last year.
“While that figure seemed impressive a year ago, it has now been eclipsed by even more substantial TMT take-up at the start of this year, which serves to highlight how Bristol has evolved to a trendy TMT and logistics hub.”
Mr Preece added that the largest city centre deal this quarter had been Immediate Media’s pre-let of the 34,600 sq ft Eagle House on Colston Avenue.
“Total availability has increased marginally across both the city centre and out-of-town markets, due to completions of newly refurbished space,” said Mr Preece.
“However, overall supply levels are still very low and there is a significant shortage of Grade A space in both markets, with availability standing at just 2% and 3.1% in the city centre and out-of-town markets respectively.”
“The city centre remains robust and has commenced the year on a par with Q1 2017. Rents continue to be pushed upwards due to the lack of supply and we anticipate new records will be set in 2018.”