Bristol retains its global top 20
According to the latest survey by leading property agents, CB Richard Ellis, Bristol has retained its position as one of the top 20 most expensive places in the world to rent prime offices.
The semi-annual report, Global Market Rents survey, also finds that London’s West End, Mumbai, the City of London and Moscow are the top four most expensive office markets in the world. The report tracks the world’s most expensive markets as well as markets with the fastest growing rents over the past 12 months.
Of the 171 office markets monitored, 85% saw rents rise in the 12 months ended September 30, 2007.
In Bristol, average office occupation costs (based on rent plus local taxes and service charges) have gone up to £41.00 per square foot – up from £36.50 this time last year. This puts the city’s office occupation costs above that of Glasgow, Leeds and Liverpool but not as high as Dublin, Birmingham and Edinburgh.
“The continued growth of Bristol’s rental prices reflects the strength of the city’s prime office market,” commented David Skinner, CB Richard Ellis South West Chairman. “We are anticipating this year to be a record year. If one or two deals tip the right side of the line at the year end then the take up is predicted to be close to 900,000sq ft in the city centre - compared to an average take up for the last five years of 625,000 sq ft per annum.”