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Commercial Property

Bristol office rents rise to record levels amid city centre property demand

There could be a 'severe shortage' of supply in the next two to three years unless more schemes are developed, a new report has warned

The Crescent Centre, Bristol(Image: CEG)

Demand for office space in Bristol city centre has caused rents to soar to record levels, according to a new report.

Office take-up for the first half of 2025 "maintained steady momentum" in the city centre, the Bristol Office Agents Society research found, while the out-of-town market saw its two largest deals since 2020.

Headline rents in the city centre have now increased to £49 per sq ft.

Bristol’s city centre market saw 20 deals completed in the first quarter, with a total take up of 92,995 sq ft, and a further 25 deals completed in quarter two, with a take up of 118,658 sq ft.

While this is behind the five and 10-year average, there are a number of deals in the pipeline for the second half of the year.

The largest deal of the first six months of the year was energy firm Ovo’s acquisition of 22,892sq ft at the newly refurbished The Crescent, and was closely followed by Unite’s move to 22,000sq ft of new build space at Tristan and Trammell Crow Company’s Welcome Building.

Current levels of supply remain very low in the city centre and following the practical completition of Welcome Building, there are now no new developments on site.

Comprehensive refurbs have recently been completed at Aberdeen’s Queens Quay and CEG’s The Crescent, and others are underway at APAM’s One Friary and Skelton’s Embarq.