City office deals further evidence of fast recovering sector

New moves at Bristol’s iconic Royal London Buildings provide further evidence of the faster than forecast recovery in the city offices sector.

Colliers International’s Director James Preece has negotiated two new deals at the prominent office building at the junction of Baldwin Street and Queen Charlotte Street in the heart of Bristol’s commercial centre.

Fruitdrop have taken 864 sq ft on the part fifth floor for five years while existing tenant True Digital is taking an additional 2,169 sq ft also on the part fifth floor.

Broad Quay-based offices specialist James Preece said: “Royal London Buildings occupies a prominent position offering refurbished office space on ground and five upper floors.

“The extensive refurbishment by Threadneedle Property Investments included the reception being reconfigured with a waiting area and a communal meeting room. In addition the building provides some of the key facilities tenants are looking to provide for their workforce such as new showers on most floors, refurbished WCs and secure bike storage in the basement.”

James said the deals were typical of Bristol’s increasingly vibrant city centre offices sector.

“Financial services, technology, media and telecommunications sectors drove a 23 per cent improvement in city centre space transacted in 2013 compared with 2012.

“There has been a marked improvement in the size and number of requirements during the second half of 2013.”

Bristol firms have around 1.8 million square feet of office space to choose from of which around 300,000 square feet is classified as Grade A space.

James Preece added: “There are a large number of lease events in the next 18-30 months which should see this new space absorbed fairly quickly, which when combined with the continued conversion to residential, is likely to reduce supply levels even further.

“The city centre market is looking far stronger than it was four years ago and the signs are the commercial real estate market in the South West will continue to figure in the forefront of the recovery.”