A report from the Bristol Office Agency Society revealed that the Bristol office market saw its highest quarterly take up for the year, as well as the highest volume of deals in any quarter since Q1 2022. With the out-of-town market also faring decently well and 18 deals crossing the line in the last quarter, the scene has been set for a great start to 2024.
The market’s resilience remains apparent and has exceeded expectations as Bristol city centre witnessed 34 completed deals in the final quarter of the year – three of which were in excess of 10,000 sq. ft. – bringing the total take-up for 2023 to 419,180 sq. ft. We anticipate a resurgence of larger sale activity in 2024 that reflects the very positive SME sentiment in 2023 – which saw recorded take up totalling 6% above average for the year despite overall take up being below the five-year figure.
2024 is off to a good start for the Bristol office market and we look forward to seeing take up levels grow and the health of the market go from strength to strength.
Chris Grazier, Partner, commented on the news:
“The news that the Bristol office market ended 2023 on a high could not be more welcomed – this certainly sets the tone for the rest of 2024, which promises further growth and development in the office market. The number of completions coming up also bodes well for an uplift in activity from larger occupiers. I’m looking forward to seeing the sector achieve further growth and bigger and better deals completed as the year progresses.”
To find out more about office lettings in Bristol, get in touch with Chris Grazier via [email protected].