The market for office space to rent in the English city of Bristol has been tipped to improve towards the end of 2012 by no less an authority on the subject than the real estate advisory giant Colliers International.
According to the firm’s national offices director James Preece, there are signs that the city’s currently subdued office space market will see a notable increase in activity levels in the latter months of the year. Preece noted that while take-up off offices in central Bristol in the second quarter of 2012 was little changed from the previous quarter, the figures for both periods were considerably higher than was the case a year ago.
Taking each of the city’s various sub-markets into account however, take-up of office space was down during the first half of 2012 compared with the same period a year ago. But the number of enquiries on larger sites over the summer months should mean that more positive numbers will be recorded in the second half of the year, according to Preece’s assessment.
“The Bristol office market reflects current economic conditions being slower than the first half of 2011,” he said. “The city centre has been most affected due to a lack of large deals and Grade A transactions. The out-of-town market is behaving in a similar way to the start of 2011 in terms of overall square footage transacted, however there is still a lack of large transactions here as well.”
According to Colliers in fact the largest out-of-town office deal agreed in the first half of 2012 saw the business consultancy Jelf relocated to a 24,230 sq ft property in Chipping Sudbury.
Elsewhere, a recent report on the UK’s regional office space markets from another major commercial property advisor CB Richard Ellis suggested that Manchester should also see improvements in the scale of its office space renting activity in the second half of 2012.