Strong Bristol office trends could boost business mortgage demand

Jones Lang LaSalle notes big increase in Bristol office take-up in Q1.

Providers of business mortgages could have benefited from strong trends emerging in the office market in Bristol in recent times.

According to a report from property consultancy Jones Lang LaSalle (JLL), nearly 224,000 sq ft of office space was taken up in the city centre and out-of-town locations in the first quarter of 2014.

This is 25 per cent up on the five-year quarterly average of 177,000 sq ft.

The total figure for Q1 comprised 115,750 sq ft of office premises in the centre of Bristol, with the remaining 108,241 sq ft let in less central areas.

Furthermore, property developers purchased 95,000 sq ft of real estate to convert for other uses, such as residential and student accommodation.

Ian Wills, director of JLL's Bristol office, said the data suggests that the local economy is in a good position and the market is moving in the right direction.

He added: "We have a host of new enquiries from businesses looking to move to new locations within Bristol and this is largely being driven by consultancies, financial and professional services."

The firm is expecting the strong trends to continue for the rest of 2014, particularly in the second half of the year.