Bristol’s Burgeoning Commercial Property Market
Despite national, even global, political and economic uncertainty, the commercial property market in Bristol remains strong. It is continuing to perform strongly after a record year in 2016, in which HMRC, Highways England and EDF established bases here.
A vibrant city with excellent communication links, Bristol provides the perfect base for national HQs and when the electrification of the Great Western line eventually takes place its appeal will increase.
At Trident we’ve been delivering two of the biggest office refurbishment schemes on either side of the bridge – Building 800 at Aztec West is now underway and we’ve recently completed 2 Kingsway, the former Welsh Development Agency building in Cardiff (directly opposite Cardiff Castle). These two projects are among the biggest speculative office refurbishment schemes in Bristol and Cardiff respectively and we are proud to have project managed both schemes from conception right through construction.
In buildings such as these we typically aim to achieve a BREEAM rating of “Very Good” or above – meaning that the building is highly energy efficient from lighting to green travel initiatives.
We are also project managing an office refurbishment scheme at Bridge House on Baldwin Street. Whilst this project is on a much smaller scale, the goals reflect a common theme throughout Bristol office space improvements – introduction of energy performance improvements (such as low energy LED lighting) and an increase in the provision of facilities for cyclists including additional/refurbished shower facilities and high quality secure cycle storage.
In 2016 alone, average office rents in Bristol increased by 7%. Many new office lettings were to companies in the media / tech sectors which are thriving here. We are finding that the majority of our landlord clients are not hesitant to complete dilapidations works to offices swiftly following lease expiries as there is confidence of a relatively quick re-letting of good quality office space.
As the formal Brexit negotiations progress, there may be some apprehension in the economy. But uncertainty is not necessarily a negative force in commercial property. In fact, uncertainty can bring about increased investment as funds choose the stability of bricks and mortar over more risky asset classes.
As many bemoan the potential impact of Brexit, we remain extremely positive about Bristol’s future economic growth.
Should you require any further information then please contact us.
Lower Castle Street
0117 321 3180