Bristol office market round-up
Take-up rises in the first half of the year
Take-up in Bristol during Q2 2026 totalled 136,567 sq ft, achieved through 27 transactions, 8% higher than Q2 2025 and the five-year Q2 average number of transactions. Take-up was 15% and 22% higher than in Q2 2025 and the five-year Q2 average, respectively. This brought the half-year total to 296,931 sq ft, which was 23% and 13% above the five- and ten-year H1 averages.
Grade A and Prime take-up totalled 173,236 sq ft and accounted for 58% of the total take-up through 16 transactions. The combined take-up was 114% higher than H1 2025 and 113% higher than the five-year H1 average, as occupiers continue to select high-quality buildings.
Availability continues to fall
Total availability at the end of Q2 2026 totals 1 million sq ft, a decrease of 8% when compared to the previous quarter. Consequently, the overall vacancy rate has also declined and now stands at 7.83%, the lowest since 2023 and represents a decrease of 70 basis points (bps).
Grade A and Prime availability at the end of Q2 2026 total 127,414 sq ft and 238,328 sq ft, respectively, a decrease of 2% and 20%, with high-grade space remaining in demand from occupiers. The Grade A vacancy rate has declined to its lowest level since 2022 at 0.98%, while the Prime vacancy rate has decreased by 50 bps to 1.83%.
TMT occupiers return to the market
The most active business sector during H1 2026 was the ‘TMT’ sector, leasing a combined 127,447 sq ft, accounting for 43% of the total take-up. This was achieved through nine transactions, with Graphcore acquiring the largest in H1 2026 at 1 Georges Square for a total of 68,504 sq ft.
‘Professional services’ was another active sector during the first half of the year, leasing a total of 58,735 sq ft, accounting for 20% of the total take-up. There were nine transactions in H1, with BDO acquiring the largest at a total of 14,195 sq ft at Embarq, which is currently undergoing comprehensive refurbishment.
As occupiers continue to demand best-in-class space, the increasingly constrained supply will inevitably continue to lead to Prime rental growth
Christopher Meredith, Director, Office Agency
New increase in headline rent during first half of the year
There was no increase in Prime headline rent in Q2 2026, and it remains at £52 per sq ft, which was achieved in Q1 2026.
This was achieved by Graphcore at 1 Georges Square and represents a 4% increase on the previous headline rent of £50 per sq ft. Bristol, along with Birmingham, remains the joint-highest Prime rent across the UK Big Six markets.
The city has experienced Prime rental growth of 39% since the end of 2019, and further growth is projected over the next three years, with Prime supply increasingly constrained. It is anticipated that with a pre-let new build, Bristol will achieve £60 per sq ft by 2027, if not before, representing an increase of 15% on current rental levels.
Find out more about Bristol's property market here.
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