Office rents Bristol growing at fastest rate of “big six” UK cities - JLL

Research from property services firm JLL has revealed that rental growth for office space in Bristol in 2022 was the highest of the “big six” cities.

JLL’s “Big Six” research tracks office take-up, vacancy rates and grade A rental growth across Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester. It found year-on-year rental growth in Bristol stood at 10.4 per cent in 2022, with headline prime rents reaching £42.50 per square foot.

Across the year, 116 deals were completed in the city, taking it to its highest level since 2016 and leaving only 3.9 per cent of offices available to rent. The largest deal to complete in 2022 was Paymentsense’s pre-let of 54,767 square feet at EQ, followed by Pax8 acquiring 24,375 square feet at The Distillery. JLL, which completed the most deals in the city, acted for the Landlord in both of those transactions.

Technology, Media and Telecom was the most active sector last year, taking 40 per cent of space across 37 deals.

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Simon Peacock, head of South West at JLL, said: “It’s not hard to see why demand outstrips supply in Bristol – fantastic universities, a thriving business community and a booming residential market make it an attractive place to study, work and live.

“But the city needs greater investment in transport and our city planners so we can bring prosperity to all our people – not to mention a more stable political and economic climate will attract the capital needed to boost Bristol’s long term growth prospects.”

Elaine Rossell, head of UK offices research at JLL, said: “An overall pick up in activity across our six markets is heartening to see but to be trending below five and 10-year averages suggests confidence hasn’t picked up to the extent we would have liked just yet.

“What’s needed now is economic stability and a clear plan for growth for the regions, which in turn will spur investors into longer-term spending on our cities. Our big six cities have bounced back well from the pandemic and will be crucial to the broader economic recovery – what they need now is the support and stability needed to fulfil their potential.”

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