Rents for prime space, which now stand at £23.50 ($34) per sf for new grade A buildings, are unlikely to fall, says the report. Instead, competition between tenants will keep rents at or above this level for the foreseeable future.
The prime market is driven primarily by the professional and business services sector. According to Weatheralls director Peter White 93% of all requirements are from legal, public, financial and insurance businesses. "The shortage of suitable accommodation means that the majority of new buildings secure pre-lettings or are let before completion," he said.
And unlike many other UK office markets, Weatheralls says there is still strong enough demand for prime accommodation in Bristol to justify speculative development. It points to the success of Temple Quay in shifting Bristol's prime office core, and the positive impact on the area lying between the Floating Harbour, Temple Way and Redcliffe Way.
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