Latest news suggests that despite market turbulence, the commercial property scene in Bristol and the South West continues to prosper.
Global engineering consultancy Vysus Group has just opened a new office in the Castlemead building – a location the team at Allcott Commercial has to approve of, given that our Bristol commercial building surveying team is based at the same property! Their move brings additional technical expertise to the region, with Vysus planning to use Bristol as base for expanding its offshore energy services.
Elsewhere, Deloitte are in the process of moving 600 employees to the Halo office building at Bristol’s vibrant new Finzels Reach development. Plans for a 3,600-seater sports arena and convention centre at Ashton Gate are set to get approval shortly, and pharmaceuticals firm Vectura have just received the green light to build a £58 million science facility at the Bristol & Bath Science Park. Outside Bristol, the adhesive manufacturer Forgeway have recently signed a 15-year lease on an enormous warehouse in Exeter. And these are just a few of the recent commercial developments in the Bristol region.
It is therefore not surprising that a study by property agency JLL has found that take-up of office space in the city is at its highest in 6 years, confirming that offices are back in demand following the working-from-home boom during the Covid lockdown. Indeed, the main challenge facing the commercial property market in Bristol is lack of supply, so opportunities for developers and landlords are set to continue for some time yet.
One thing is clear – our South-West commercial surveyors are set to be busy for the foreseeable future!