The West Country


Thriving Local Economy Underpins Bristol’s Desirability as a Place to Live, Work and Study


Welcome Building


Welcome Building, set to complete in Q2 this year, is an exceptional new workspace in Bristol being delivered in a joint venture between EPISO 5, a fund managed by Tristan Capital Partners, and Trammell Crow Company.


Welcome Building offers the largest available floorplates in Bristol, ranging from 22,000 sq. ft to 30,000 sq. ft. The first occupier to sign up and take 44,196 sq ft on levels 6 and 7 of the building is international law firm DAC Beachcroft, one of the largest legal sector employers in the South West with over 800 lawyers and staff working in the region. It will be moving its Bristol colleagues to Welcome Building from its current location in Portwall Place. The firm selected Welcome Building for its location, high quality, adaptable working


environment, which supports


flexible working and collaboration, as well as its excellent sustainability credentials and emphasis on community.


Architects of the building, Darling Associates Architects, designed the 207,000 sq. ft landmark in the city centre for optimal energy efficiency and to create a healthy environment for


all who work there or


According to a new report from commercial real estate firm Avison Young, the Bristol economy is expected to grow by 8.9% over the next five years, significantly outpacing the rest of the UK, where growth of 6.9% is predicted.


The city’s thriving economy is driven primarily by the expansion of its knowledge industries, including artificial intelligence and life sciences. Bristol’s information and communication sector alone is projected to grow by 12.9% by 2028, closely followed by its science and tech sector, which is expected to see 10.6% growth.


This positive outlook is also translating into new employment opportunities, the report finds. According to data from Oxford Economics, Bristol is projected to see jobs growth of 5.7% over the next five years - higher than the national prediction of 3.1% - with professional, scientific, and technical skills a key employment growth area.


Bristol’s economic and employment growth potential is a hugely positive sign for businesses, workers, and the wider real estate sector, with both GVA (gross value added) and job growth expected to create new leasing opportunities for offices, hospitality, and retail properties.


Alongside its short-term economic forecast, the city’s rich cultural offering and attractiveness to students has long placed it on the map as a desirable place to live, work and study. But this has, in turn, led to the significant undersupply of quality housing and affordable home-ownership options for residents.


The city also has the largest office market in the south of England after London, totalling 14m sq. ft. of floorspace. Its excellent talent pool, coupled with its strengths in the knowledge industries, has attracted significant occupiers to the city in recent decades, which will continue to drive its position as a hotspot for investment.


The launch regional of Avison Young’s decision-makers, Bristol


Outlook report was preceded by an event in the city featuring panel discussions with key


including


Councillor Asher Craig, Deputy Mayor at Bristol City Council, on the current and emerging growth opportunities in the city.


Sarah-Jane Osborne, Regional Managing Director for Bristol at Avison Young UK, said:


“From its thriving science, technology, and digital industries to the projected growth of employment opportunities over the next five years, Bristol is a city with great potential and firm foundations for investment opportunities.


“With high-value sector strengths, a large development pipeline, and world-class research facilities attracting talent to the city,


visit. A key feature is a unique street on the ground floor, which provides space to host events with an open café bar and specially commissioned public art, to foster a collaborative business community.


The building will be an all-electric workspace, with PV cells on the roof and targeting Net Zero Carbon in operation. It aims to set new standards for occupier wellbeing as the first Bristol office development to target Well Platinum Certification, alongside BREEAM Outstanding and Five at Heart Platinum, with consideration given to everything from biodiversity to the enhanced end of trip facilities for cyclists and runners. In this way, Welcome Building aims to set a benchmark for offices, in terms of both wellbeing and energy efficiency, thus demonstrating the benefits of tapping into local clean energy infrastructure.


Welcome Building has been supporting Bristol’s drive towards net zero, not only by joining the heat network from which it will extract all of its heat load ensuring greater energy security for its occupants, but by also by setting impressive sustainability standards that focus on optimal energy efficiency while creating a conducive and healthy environment.


it’s encouraging to see its economy being steered by the knowledge industries – strengthening its proposition for investors and generating new employment opportunities for residents. As we move forward in 2024 and beyond, the importance of collaboration between the public and private sectors to create a prosperous and sustainable future for the city cannot be understated.”


For more information on Avison Young and to view its Bristol Outlook report.


By centering the development on wellbeing and net-zero targets, Welcome Building in Bristol highlights the importance of creating sustainable buildings in the region, not just to address climate change but also to attract the modern occupier, who prioritise ESG and employee wellbeing in the selection of new premises. There is a huge regional demand for this sort of forward-thinking workspace.


Knight Frank and Alder King are leasing agents for Welcome Building.


58 COMMERCIAL PROPERTY MONTHLY 2024


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