Bristol office take-up levels 'will be similar in 2011'

Experts believe demand for Bristol office space in 2011 will be similar to 2010 levels

Article posted: 04 Jan 2011

Commercial property experts have said demand for office space in Bristol will remain relatively subdued over the next 12 months.

Philip Morton, director at property agency DTZ, told Insider Media that he believes take-up levels for 2011 will be "similar to 2010" in the south-west city.

He said incentive packages are likely to tighten as the year goes on and the amount of Grade A space is reduced, meaning Grade B rents will be maintained at their current level.

"Occupier demand will continue at a low level throughout 2011, with lease events being the most significant driver to move or rationalise into a single office," Mr Morton told the publication.

Meanwhile, DTZ's Will Nell said the firm expects sustained activity in the industrial property market across Bristol and the south-west.

He claimed there are a number of significant occupier requirements and ongoing demand from a "range of occupiers" seeking high-quality buildings.

Last month, Bristol 24-7 reported that Ujima House in St Paul's was seeking new occupiers among small businesses looking to rent offices in Bristol.

Posted by Daniel Silver