According to research from JLL, Bristol has experienced the highest rental growth for office space among the “big six” cities in the UK. The “Big Six” research conducted by JLL tracks office take-up, vacancy rates, and grade A rental growth across Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester. The research found that rental growth in Bristol stood at 10.4% in 2022, which is the highest among the “big six” cities. The most active sector in Bristol was Technology, Media, and Telecom, which accounted for 40% of space across 37 deals. Furthermore, Simon Peacock, head of South West at JLL, believes that Bristol needs greater investment in transport and city planners to bring prosperity to all its people, while Elaine Rossell, head of UK offices research at JLL, thinks that economic stability and a clear plan for growth for the regions are necessary to spur investors into longer-term spending on the cities.
According to recent research from JLL, Bristol has experienced the highest rental growth for office space among the “big six” cities in the UK. The “Big Six” research conducted by JLL tracks office take-up, vacancy rates, and grade A rental growth across Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester. The research found that rental growth in Bristol stood at 10.4% in 2022, which is the highest among the “big six” cities. The prime rents reached £42.50 per square foot, and 116 deals were completed in the city, taking it to its highest level since 2016. Moreover, only 3.9% of offices were available to rent in Bristol, leaving the city with a limited supply.
In 2022, the most active sector in Bristol was Technology, Media, and Telecom, which accounted for 40% of space across 37 deals. The largest deal to complete was Paymentsense’s pre-let of 54,767 square feet at EQ, followed by Pax8’s acquisition of 24,375 square feet at The Distillery. JLL, which completed the most deals in the city, acted for the landlord in both of these transactions.
According to Simon Peacock, head of South West at JLL, Bristol’s fantastic universities, a thriving business community, and a booming residential market make it an attractive place to study, work, and live. However, the city needs greater investment in transport and city planners to bring prosperity to all its people. Moreover, a more stable political and economic climate will attract the capital needed to boost Bristol’s long-term growth prospects.
Elaine Rossell, head of UK offices research at JLL, believes that the big six cities have bounced back well from the pandemic and will be crucial to the broader economic recovery. Still, they need the support and stability required to fulfil their potential. She further added that economic stability and a clear plan for growth for the regions are necessary to spur investors into longer-term spending on the cities.
In conclusion, Bristol’s office space rental growth is thriving, and with the city’s attractive features, it is likely to continue. However, investment in transport and city planners and a more stable political and economic climate are required to fulfil its potential.
Don’t miss interesting posts on Famousbio
