Bristol banking and financial sector to fly says agency
Faster than expected recovery in the UK economy could restore Bristol’s financial and banking sector to 2008 levels within three years according to the latest figures from Colliers International.
The Broad Quay based sector specialists are predicting Bristol will see an 8.1 per cent increase in financial and business services jobs alone between now and 2016.
Tim Davies, Head of office at Colliers International’s Bristol office, comments: “Even allowing for the downsizing in the public sector the picture suggests a strong return to job creation. By 2016 the regional centres will have generated enough new employment to offset the downsizing that occurred in 2008.
Tim comments further: “The South West is third behind London and the South East in terms of growing business activity. The capital is getting so expensive that many institutions are looking a lot more at regional opportunities.
“This will prompt businesses to look further afield, especially at cities such as Bristol which has already seen a return to speculative development. There are clear opportunities for the refurbishment of existing stock as Grade A supply shortages begin to bite.”
Tim Davies said the benefits of business locations along the M4 and M5 motorway axis were well known.
Tim comments further: “We are forecasting increased demand in the leading West hotspots from Avonmouth and North Bristol down to Exeter.
“There is no doubt we are looking far stronger than we were four years ago and the signs are we will remain in the forefront of the recovery.
“We have seen the first speculative developments which are key to encouraging business confidence.
“New occupiers are notoriously reluctant to commit off-plan, whereas Bristol will soon have some tangible developments for them to look at.
“Those cities where speculative development is underway are likely to benefit from firm commitments from inward investors.”
Tim Davies said Bristol City Centre office take up was already 42 per cent up on last year.