The Bristol Office Agents Society reports a promising start to 2026 across both the city centre and out of town office markets. Take up in both areas has exceeded the 5- and 10-year averages for the period, and the city centre has achieved a new headline rent.
Bristol’s city centre market saw 22 deals complete in the first quarter, with total take‑up reaching 160,364 sq ft — a 58% increase on the same period last year.
This first quarter has also seen several larger transactions complete, with four deals over 10,000 sq ft in the city centre. The largest was the letting of 68,504 sq ft at One George’s Square to a confidential occupier. This was followed by Epic expanding into a further 13,298 sq ft at Hartwell House, Tekever taking 12,549 sq ft of sublease space within Assembly A, and PKF Francis Clark committing to pre‑let 12,960 sq ft of refurbished space at 90 Victoria Street.
Not only was the letting at One Geroge’s Square the largest city centre letting but this also pushed rents to a new high of £52.00 psf. With quoting rents nearing £60.00 psf, further increases are expected through 2026.
The out‑of‑town market has also made a strong start to the year, with 12 deals completing and quarterly take‑up totalling 68,023 sq ft. This mirrors Q1 2025 and follows a similar pattern, with one major letting — 68,023 sq ft at Lake View to Diligenta — supported by a series of smaller transactions.
The supply pipeline of new‑build offices remains limited, with no new schemes starting on site so far in 2026. However, refurbishment activity continues to play a vital role in meeting demand. APAM’s comprehensive back‑to‑frame refurbishment of One Friary is progressing well and is due to complete this summer, delivering 60,000 sq ft of effectively new space. Meanwhile, BlackRock’s Portwall Place is now on site and will provide around 160,000 sq ft of new accommodation in 2027. Kinrise’s Canon’s Wharf has also recently secured planning consent for 165,000 sq ft of offices, with completion similarly targeted for 2027. Furthermore the demolition works to clear the site for One Passage Street are well underway and due to complete before summer.
Looking further ahead, the development pipeline remains thin, and any new schemes commencing now would take at least 24 months to deliver, reinforcing the importance of refurbishment‑led supply in supporting Bristol’s office market through the medium term.
Chris Grazier, Partner of Office Agency commented “The sentiment for the Bristol office market remains positive and the market needs to respond with increased supply as the lack of new starts on site has meant that stock levels have significantly reduced over the last 18 months”
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