AUTUMN/WINTER 2016 • SPOTLIGHT• 25 Offices
THE ‘ BRIS TOL B AL ANCE ’ CREA TE S FLO URIS HING OFFICE MARKE T
With one of the highest graduate retention rates in the UK, and consistently topping polls on the best place to live, work and
raise a family, it is not surprising that Bristol is becoming home to a wider array of businesses
T
he long established financial services, engineering, aeronautics, defence sectors, plus the rapidly growing tech
and media sectors, continue to attract those seeking a vibrant city that offers excellent employment opportunities, many leisure activities, and great connectivity to the rest of the UK and abroad. Since 2013,
these sectors have continued to take up increasing amounts of the office space in and around Bristol. Te first half of 2016 saw 43% more office space leased or purchased compared to the same period of 2015, bolstered by EDF Energy and Direct Line committing to 145,000 sq ft between them. Technology, media and telecommunications
growth has seen landlords changing their style of refurbishment in favour of ‘defurbishment’ - where offices are stripped back to original features - to give a more industrial and modern feel. Tere is currently around 250,000 sq ft of offices having this treatment in the city with specifications including exposed ceilings, air conditioning, and brickwork. Tere are already a number of occupiers committed to or negotiating on this type
of space and with only one new office being speculatively constructed, the growth in rents looks set to continue. Te City Centre, which offers the best of local lesiure and amentities for staff, not surprisingly, leads the top rentals in the South West at £28.50 per sq ft per annum, but this is forecast to clear the £30 per sq ft hurdle in the very near future. Businesses are
consistently placing high importance on the criteria of good local leisure amenties close to their offices in order to assist
recruitment and improve staff retention. As a result, the modern developer is giving much greater consideration to include these elements into their proposed schemes. Assembly Bristol and Cubex’s Finzel Reach are both acutely aware that getting the right balance between work and leisure is the key to their developments’ success, and ensuring these elements are included in their new schemes
JAMES PREECE DIRECTOR | NATIONAL OFFICES DIRECT: +44 117 917 2047
JAMES.PREECE@
COLLIERS.COM
Colliers International
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