Signs of recovery in Bristol office market

The first signs of an upturn in the Bristol office market are now being seen with businesses looking for space to expand, according to a property expert.

Stephen Lipfriend head of Colliers CRE said the first half of 2009 saw just 280,000 square feet of office space change hands in the greater Bristol area but inquiries in the last few months now see Colliers CRE with instructions from more firms looking for space.

Mr Lipfriend said: "We now have instructions to find around 200,000 square feet of office space for firms – that is very nearly the equivalent of all the space taken in the first six months of this year.

"It is a level of demand that we have not seen since before the recession and it is perhaps the first sign that the market will pick up next year as many have predicted.

"The last year has been a difficult one, particularly for those with older offices or workplaces in secondary locations and it is likely to remain challenging for the rest of this year.

"However, we have seen a noticeable increase in inquiries for space and it won't be long before the extensive choice that is currently available starts to disappear as no new buildings will be coming out of the ground for at least two years.

"Major high-quality schemes such as 10 Victoria Street are likely to help Bristol attract new people but further new-build at the moment is restricted to those that already have occupiers, such as the 100,000 sq ft Hargreaves Lansdown headquarters at Harbourside."