Bristol's ripoff rents more expensive than Washingon DC
suburbanstudio at runbox.com
Tue Jun 17 14:45:04 BST 2008
Bristol rents more expensive than Barcelona
By Jennifer Rigby
Office rents in Bristol are higher than those in Washington DC, Munich
and Barcelona, according to new research from Knight Frank.
Prime rents have reached £27.50/sq ft in Bristol according to Knight
Frank’s Global Real Estate Market Annual Review.
The West End of London remains in top place with rents at £110/sq ft,
followed by Moscow, Tokyo, Mumbai and the City of London.
To see the full list :
The report said: ‘Since the summer of 2007, the effects of the
international credit crunch have dominated headlines about European
commercial property markets. However, despite the climate of
uncertainty, most occupier markets continue to exhibit positive dynamics.
'Office vacancy rates are still falling in many locations, while the
limited availability of prime city centre accommodation across Europe
continues to push rents upwards.’
Tony Nicholas, managing partner, Knight Frank in Bristol, said: 'Despite
the projected climate of the UK economy, Bristol is performing well. In
2007 there was a sharp rise in Bristol’s office rental growth - nearly 6%.
'This rise reflects the continued strong demand from occupiers
contrasted against the shortage of prime office space available and
further demonstrates the resilience of Bristol’s diverse economy.
'Q1 2008 take-up figures show that demand for office space in Bristol
City centre take up for 2008 totalled 169,098 sq ft, with out of town
take up totalling 96,186 sq ft. Both levels are comfortably above Q1
average office take up figures over the last five years. We anticipate
similar take up in Q2 also.’
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