Take-up

Office take-up in Bristol during the first quarter of 2025 totalled 92,995 sq ft and was achieved through 19 transactions, on par with the five-year Q1 average number of transactions. Take-up was marginally down on the previous quarter; however, it was 60% higher than Q1 2019.

Grade A and Prime combined take-up totalled 44,827 sq ft from five transactions and accounted for 48% of the total, the highest proportion of Q1 take-up since Q1 2019. This was also 50% higher than the five-year Q1 average Grade A and Prime proportion.

Supply

Availability at the end of Q1 2025 stands at 1.25 million sq ft, an increase of 6% on the previous quarter. This means that the overall vacancy rate has increased by 50 basis points to 10%. Secondary stock totals 717,602 sq ft and accounts for 57% of the total.

Grade A and Prime availability stand at 175,417 sq ft and 358,237 sq ft, respectively, and account for 14% and 29% of the total. Grade A availability has remained on par with the previous quarter, whilst Prime has increased by 51% due to the completion of Crescent and Welcome Building.

Take-up by business sector

The most active sector in Q1 2025 was the 'Insurance & Financial' sector, which leased a combined 24,856 sq ft and accounted for 27% of the total. This was achieved through four transactions, with the largest being acquired by Gallagher, for a total of 14,179 sq ft at Temple Circus.

The 'Extraction & Utilities' sector was another notable sector during the quarter, by accounting for 25% of the total. The sector leased a total of 22,892 sq ft, which saw OVO acquire the fifth and part-fourth floor at Crescent.

Rents

There was no increase in Prime headline rent in the first half of the year in Bristol, which has remained at £48 per sq ft since Q2 2024. This represented an increase of 4% on the previous quarter when it was achieved and was maintained during 2024. Bristol continues to have the highest Prime rent across the UK Big 6 markets and has experienced Prime rental growth of 28% since the end of 2019, with further growth projected in the next five years with Prime supply constrained. It is anticipated that Bristol will achieve £54 per sq ft by 2029, if not before, representing an increase of 13%.

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