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Jack Cooper
Jack Cooper
  • 1 Minute Read
  • 01st October 2013

Work Begins on Bristol Office Space

Construction has begun on a large scale new building that will become dedicated Bristol office space.

Plans submitted see the new office building going up in the Georgian heart of the city - Queen Square.

The building itself is being constructed speculatively - with no committed tenant in mind - which is being interpreted as a sign of improving confidence in the recovering economy.

Developer Skanska believes the potential for market interest is strong enough to justify such an ambitious project based on speculation. Property agents believe space in this new build will fetch higher than the current top rental rate in the city, of £27.50 per square foot.

Jeremy Richards, lead director at Jones Lang LaSalle, appointed as joint agent with Alder King on the project, said: “This is a sign of a stronger market – a developer will only build where they think there is a demand.”

Mr Richards expects the development to be popular, as Queen Square is considered a prime location, but many existing office spaces do not deliver in terms of size requirements.

The new site will house as many as 500 workers, Mr Richards said, and could become a corporate headquarters, or several tenants.

Vacancy rates in older Bristol office spaces are relatively higher, but he believes businesses will be drawn to a new development with high specifications.

“People are looking to improve their space because that improves productivity, staff retention and staff attraction,” said Mr Richards.

Skanska’s Kelly Iles said: “Our development at 66 Queen Square is well under way with the demolition of the modern part of this 61,000 sq ft project. Two office buildings have already been demolished to clear the site. The new offices should be ready by May 2015."

“It will be a premium product and the guide rent reflects the quality of the product and the cost savings that it will provide for the eventual occupier."

“We have been encouraged by the levels of interest already expressed and are having an ongoing dialogue with various occupiers and their advisors.”