The city of London is not the only office space market to be hit hard by the economic downturn. New research from CB Richard Ellis shows Bristol’s office space market to be suffering.
In a report from world-leading office space developers CB Richard Ellis, office space take-up in Bristol is shown to be facing a massive decline, with an almost 300,000 square foot drop in office space deals last year.
Bristol’s office space letting deals amounted to 896,000 square feet in 2007 but fell to 608,600 feet last year. The five year average for office space in the city totals 713,000 square feet, making last’s years deals over one hundred thousand square feet short of the five year average.
Supply of office space in Bristol fell by 12% but there will be 5 new office space developments completed this year.
Remaining positive, Associate Director of CB Richard Ellis in Bristol, Peter Martin said “Potential tenants have a good choice of quality office space as there is a significant amount of supply of stock on the market and this will increase later in the year when developments complete.”
Tags: CB Richard Ellis