Jim Copeland, Bristol-based Project Manager, shares his view on the current state of Bristol’s office market.
Bristol – a vibrant, multicultural city, is experiencing a strong period of growth with new developments springing up from Finzels Reach to Temple Quarter. This is great news for businesses looking to move to the bustling centre, or even refurbish their current office. There’s definitely a new lease of life being injected into Bristol’s office market.
Prominent buildings, like Aurora, Glass Wharf and One Redcliff Street, are attracting top businesses looking to grow their local presence and attract the best talent.
Bristol’s commercial property market is set to change at a rapid pace over the next few years. Aurora has brought over 95,000 sq. ft. of Grade A space to Bristol within the premier mixed-use development site; Finzels Reach. Designed to BREEAM Outstanding & LEED Gold Standard, Overbury recently completed the fit out for premier law firm, Simmons & Simmons on the fifth and sixth floors. Then there’s the new Temple Quarter, a large mixed-use development, which is set to provide over 2 million sq. ft. of commercial, residential, leisure and retail space.
A client I’ve recently worked with, the University of Bristol, is building a hub in the new Temple Quarter Enterprise Campus, due to open in 2021. This will provide a new business school, research facilities and even a residential village for 5,000 students. These developments will give Bristol a boost of much-needed Grade A office space.
Demand outstripping supply
The current growth of premium office space is attracting a variety of businesses from accounting to law and tech firms, however with new Grade A space not available for another two to three years, many businesses are holding tight before moving to these new developments.
As demand is outstripping supply, many organisations are taking a short-term view and considering alternative options, including refurbishing their current space, or extending their current leases. Refurbishing your office can revitalise culture and re-engage staff, all without the hassle of an office move and added disruption to your staff’s routines.
Overbury has had a strong presence in Bristol for a long time. We have delivered over 1,000,000 sq. ft. of office space in the past ten years alone for clients including Amazon, Bristol City Council, Quilter Cheviot, EY, EDF Energy, PwC and University of Bristol. Although we have seen the Bristol market slow down slightly, we have every faith the market will carry on delivering some great space and enticing top blue chip companies.