Bristol’s office property market performed better than anticipated during first quarter of 2012, latest take-up figures show.
Out-of-town space performed particularly well, the report shows, with 107,000 sq ft sold or let between January and March.
The figure is 25% higher than the five-year quarterly average and includes a large number of lettings and purchases by small and medium-sized businesses. The largest headline deal during the period was 40,000 sq ft at Aztec West taken by engineering firm Babcock.
The city centre has also fared better than expected with a total of 25 deals for space over 1,000 sq ft taking the total to 77,500 sq ft for the quarter.
The figures, pulled together by all the city’s commercial property agents, reflect a solid level of demand in the market. There has also been an increase in viewings and requests for proposals, according to Ian Wills, director in the Bristol office agency team at property agents Jones Lang LaSalle.
“The first quarter figures bode very well for the rest of the year, especially since last year saw significant pick up in the final quarter,” he said. “This is very encouraging at a time when we are all on the lookout for signs of economic recovery.
“There may be fewer headline-grabbing deals among household names, but the true health of the market is measured in day-to-day deals among the region’s small and medium-sized businesses.”
