Bristol city centre has already seen record annual take-up from serviced office operators, according to Lambert Smith Hampton South West & Wales Office Market Report 2019 report with the latter half of 2019 yet to be accounted for.
Bristol is a prime target for expansive operators, albeit a lack of suitable stock has seen the city arrive slightly later to the party than other core regional markets.
While Bristol is home to the highest proportion of flex-space among the region’s key markets, equivalent to 3.6% of total stock, this is below the average for the UK’s South East markets.
While Bath is much smaller scale than Bristol, it enjoys similar traits to its near neighbour, and there is clearly scope for additional flex-space in the market to meet demand.
Elsewhere in the region, current supply of flex-space typically accounts for under 2% of total stock, while the only markets with occupancy of below 85% are Bristol out of town and Cardiff.
Clearly there is scope for new entrants to other markets across the region, particularly as the current supply is dominated by relatively conventional flex-space.
A wake-up call to Landlords? With more serviced office requirements set to enter the markets, the recent activity we have seen is no flash in the pan.