Bristol unveiled as UK’s most resilient city for commercial property
Bristol has been revealed as the UK’s most resilient major regional city for commercial property transactions over the past decade – and the head of the Bristol office of real estate company Colliers International is predicting the next decade will be even more impressive.
Analysis of take-up data from Radius Data Exchange by EG, has shown Bristol to have been the most consistent major regional city for real estate transactions since 2008, recording the smallest difference between its least active year in 2009 which saw 830,949 sq ft take-up, and its average of 1.1 million sq ft.
Tim Davies, head of South West and Wales for global real estate advisor Colliers International, said: “This finding about the strength of commercial property in Bristol confirms the sentiment of those of us familiar with the market.
“Bristol benefits from having what the UK chief economist at Colliers International recently identified as a ‘real economy’, which judging by this analysis helped to reduce the effects of the global recession in 2009 upon commercial property in the city.
“This ‘real economy’ results from Bristol having an impressive balance of professionals in sectors including Technology Media & Telecommunications (TMT), financial, engineering and scientific, and it has been anticipated that this will help insulate the city from any major Brexit impact.
Activity in Bristol dipped by 26.2% between its least active year in 2009, when take-up was 830,949 sq ft and its annual average of 1.1million sq ft. By contrast, there was a 39.3% difference between the least active year in Leeds in 2010 at and its average of 1.2m sq ft, while in Manchester the difference was 36.4%.
Davies added: “It is of particular note that Bristol had the highest quality of life score of all the English cities in the Cities of Influence report, which reviews and ranks 50 European cities as destinations for investment capital, based on their occupier attractiveness, availability of talent, and quality of life factors alongside economic output and productivity.
“An attractive city attracts people to live and work in it. Recent figures have shown that more than 80 people a week are moving to Bristol from London, and this will help the local economy to expand and diversify, which in turn will result in higher levels of real estate investment.”