Demand for office space rises and falls across the UK depending on a range of factors, but it seems as though interest in working spaces located in Bristol is on the increase at present.
According to research conducted by Jones Lang LaSalle, take up of Bristol office space rose during the first three months of 2012 and was higher than expected. It revealed that 107,000 square feet of out-of-town office space was sold or let between January and March this year. This was up by 25 per cent compared with the five-year quarterly average.
Responding to the findings, the firm’s Ian Wills said: “Bristol has seen more office deals than expected in the first quarter of 2012 which bodes very well for the rest of the year, especially since last year saw significant pick up in the final quarter.
“Out-of-town space has performed particularly well… This is very encouraging at a time when we are all on the lookout for signs of economic recovery.”
Mr Wills went on to note that while there are fewer “headline-grabbing deals amongst household names”, the true health of the commercial property market is measured in the “day-to-day” deals that take place concerning the area’s small and medium-sized enterprises.
One of the most significant deals recorded during the three-month period involved Babcock, which took 40,000 square feet of space at the front of Aztec West. Meanwhile, in the centre of the city, more than 77,500 square feet of space was taken up during the three-month period. This included 25 deals for space of more than 1,000 square feet.
These days, many firms head online when they are seeking commercial property in Bristol and elsewhere. This can be a convenient way for companies to source offices and it often enables them to take advantage of excellent deals.
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