According to new reports released by industry insiders, office space in Bristol is seeing a sharp rise in demand.
Compared to the same quarter in 2011, the city has reported a significant increase in office space demand and the number of businesses being set up in Bristol. More businesses are now looking for bigger and better office spaces in the city, giving preference to serviced spaces.
Although the number of enquiries made by businesses about office spaces saw a sharp decline of over 33%, occupation continued to rise. It is believed that more businesses are now aware that serviced office spaces offer more advantages than regular ones. As a result, businesses are making fewer speculative enquiries that led to the overall decline in the past six months.
Currently, small businesses and firms occupy a majority of the serviced office spaces available in Bristol. The average office requirement for small businesses is estimated around five employees.
Bristol is seeing demand from large companies as well, with an increasing demand in early 2012. During the first half of the year the total monthly cost for one workstation increased between £29 and £263, recording a rise of 12% since last year. This number is about £21 lower than average.
The average length of lease lowered from eleven months to nine months, indicating that businesses are more flexible and not keen on long term options. This overall increase in demand and occupation is beneficial to the business community of Bristol. Despite the increase in average workstation costs, Bristol remains cheaper than rest of the UK, meaning the city is still a cost-effective and economical option.