Investment into the Bristol office market has doubled in the last year, according to new research.

Data released by property agent Savills’ latest Bristol Office Survey claims overseas investors, particularly German funds, have significantly increased their activity in the Bristol investment market accounting for a net investment totalling £13.6 million in the first half of 2009.

Andrew Main, head of investment at Savills Bristol, said: “Along with these overseas investors, we have also noted increased investor demand from property companies whose net investment was £10.6m in the first half  of 2009.”  Looking forward, the research advises that concerns regarding occupier strength will result in investors looking to continue their focus on prime stock.

With regard to the office agency market in Bristol, Savills’ research shows that the 2009 half-year take-up figure stands at 280,713 sq ft (26,079 sq m), which is almost 50 per cent down on the same period in 2008.

However, the report also notes that, Q2 saw an improvement in city centre take-up of 68 per cent compared to Q1 figures. Over the rest of 2009, Savills predicts full-year take-up will reach about  540,000 sq ft (50,166 sq m) in the Greater Bristol area.

In terms of rents, the lower levels of demand have placed further downward pressure on top rents, which Savills predicts could see some falls by the end of 2009.

Headline quoting rents for new Grade A space remain consistent at £27.50 per sq ft (£296 per sq m) in the city centre and £22.50 per sq ft (£242 per sq m) in the out of town market, although quoting rents on second hand space have seen some downward revisions.

Last week, the Evening Post revealed the Soil Association is converting one of the former gasworks buildings on Harbourside into an £11m headquarters building.