Almeda is rolling out a series of in person events in 2024 and its most recent one brought together leaders from the commercial property sector.
The aim of the event was to provide an overview of the trends and challenges facing the commercial office, industrial and retail markets in Bristol.
To do this Almeda’s Managing Director Brady Savage-George hosted a morning discussion at Ashton Gate. In the next couple of weeks, the findings from the discussion will be turned into a report.
The headline findings were:
- Investment into the Bristol commercial property sector is down but the prognosis is positive thanks to the growing influence of family offices
- No surprise that sustainability is a big driver for funders, occupiers and employees
- A lot of office stock has been taken out of supply and many businesses are re-purposing and downsizing as working patterns change
- Headline rents have hit around £45 per sq ft and there is a noticeable decline in the secondary market and ‘scale-up’ space
- Places of the future will be mixed use destinations, but the pace of change needs to speed up
Almeda is playing an integral role in the management of many of the city’s most recognisable buildings and Brady says the commercial office sector remains resilient in Bristol: “It was important to get the right people in the room to discuss this topic and we were pleased to have a mix of agents, funders, lawyers and architects.
“One trend we’re seeing is that many businesses are downsizing or re-purposing their offices as working patterns continue to evolve. This was discussed and although there have been profound changes to how we work, there is an appetite from leaders in business and government to retain office space and get people back at their desks but there is also a recognition that these spaces need to continue to evolve.
“It was also interesting to hear from those that had recently attended UKREiiF that investors are optimistic about the Bristol commercial market and view it as a thriving space.”
Thank you to the following people that took part in the event:
Derek Quinn – RED Construction
Gareth Mason – Stride Treglown
Patrick Neville – Real Estate Director