Bristol has minimum vacancy rate for Grade A workplaces in the UK’s top six cities, revealing a considerable demand related with the inadequacy of high-quality business space, as stated by the recent statistics published by property consultants JLL. Even though the town and region’s fame for talent and invention has so far offset the inadequacy of space, with incoming venture capitalists citing access to a vastly skilled, graduate staff as one of the essential causes for relocation, JLL is advising that more is needed to make Bristol continue to draw investment.
The Vacancy Rate Has Been Low Due to Inadequate Supply
In 2018, the take-up of the workplace in Bristol was 536,585 square feet, generally in line with the ten-year yearly average of 538,540 square feet with a low period in the last quarter at 97,272 square feet, the lowermost quarterly amount for three years. 2018 was a year record for take-up throughout the UK’s cities combined, up to nine percent in 2017, as stated by the report. The general vacancy rate in Bristol reduced to 4.3 percent in the last quarter and to just one percent for Grade A space. Most of this figure is down to a constant insufficiency of Grade A space in the city. Nevertheless, the most significant redevelopment projects are currently underway with various vital new developments under progress.
New Developments Addressing the Issue
Some of the undertakings include overseeing the town’s Floating Harbor and AXA’s Assembly in Temple Quarter. The Floating Harbor will provide two hundred square feet of office space in 2020. The Distillery will offer a further ninety thousand square feet of open, adaptable, and productive workspace to the town’s business community. This expansion of the city’s central business district is vital to Bristol’s economic future and the highly skilled talents, as stated by Ian Wills, the office agency director.