Bristol Office Market: Larger Requirements in Q2 11
officebroker.comΓÇÖs Bristol City Focus Report for Q2 2011 has now been compiled, comparing various measures of the serviced office market against the same period for 2010.
The report focuses on the change in enquiry levels and serviced office take up, the number of work stations required, the average cost of each workstation and finally the duration of the average licence length.
The number of business enquiring about serviced office space in Bristol is up 36% compared with the same 3 months in 2010 ΓÇô April, May and June. However, whilst the number of enquires may have increased, this is not reflected in the number of new businesses entering office space, where a 44% drop has been observed. This trend seems to be replicated across the whole of the South West with the region witnessing a 36% drop in the number of new businesses entering serviced office space.
It is possible however that this drop is offset by an increase in the average number of workstations required in the city, rising from 3.4 to 6.8, whilst the cost per workstation has also risen by ┬ú35.
Licence lengths have also increased 50% to 12 months during Q2, possibly suggesting that whilst fewer businesses are taking up office space, when they do they are more committed and confident in the market.
As recovery from the economic downturn sluggishly continues in some areas, itΓÇÖs conceivable that whilst more established businesses were able to endure the slump and are now progressing, the amount of new starts ups is still hampered.
The higher workstation price and licence length seen in Bristol during Q2 2011 are also reflected across the whole South West Region, where respective increases of ┬ú21 per workstation and 3.2 months per license have occurred. These rises have contributed to officebroker.com witnessing the South West region having the highest percentage increase compared with any other UK region during the opening 6 months of 2011, when compared with the same period in 2010.
officebroker.comΓÇÖs Bristol City Focus Report defines central Bristol as BS1, BS2, BS4, BS5 & BS8.
Please visit our Stats and Facts page for further information and to gain access to all of our regional and city focus reports.