Bristol office space market 'improved in 2010'

Bristol's office space market performed better in 2010 than during the previous 12 months, according to new figures.

Article posted: 25 Jan 2011

New data from Colliers International has indicated that the market for office space in Bristol picked up last year.

According to a snapshot survey by the property agency, total take-up of offices in the south-west city was 860,000 sq ft in 2010, Insider reports.

Lettings reached 459,000 sq ft in Bristol city centre, up 40 per cent on the previous year's figure of 327,000 sq ft but still well below 2008 levels.

"We all hoped the Bristol office market in 2010 would show an improvement over 2009," James Preece of Colliers International told the publication.

"Rental and incentive levels remained static during the year and this is likely to continue to be the case in 2011," he added.

The largest transaction of 2011 was Simply Health's purchase of the 53,000 sq ft Redland House in Clifton.

Colliers is working alongside Stoford Developments on the medical insurance firm's plans to create a new office building on the site.

Meanwhile, Bristol's out-of-town market saw take-up increase from 268,000 sq ft in 2009 to 401,000 sq ft last year.

Posted by Aree J Rand