- Lack of new supply has led to the Grade A city centre vacancy rate remaining at 1.3% and the prime rent at £35 psf pax.
- City centre supply is 21% below the 5-year average.
- Two speculative offices under construction in the city centre. The largest of which is about to be pre-let.
- Lack of high quality large office buildings has led to a subdued third quarter both in and out-of-town.
- Prime yield for Grade A offices let to the UK Government for 4.02%.
- Total investment volumes for the year-to-date stand at £195.02m, marginally behind the five-yearly average, while total investment volumes for Q3 alone were £165.45m from six transactions.
- The largest transaction of the quarter and year so far, was the sale of Temple Quay House for £73.35m. At 4.02% it is a record yield, outside of London, for a sub 20-year lease.
I am a Director in the National Offices team based in Bristol and have over 17 years experience.
Having joined Colliers International in August 2008 my role has included numerous disposals and acquisitions in the South West for a myriad of clients, from large funds such as Aviva to private individuals.
I previously worked for Bidwells Business Space Agency team in Cambridge (2003 -2008) where I specialised in office and research & development disposals and acquisitions.
My career commenced in 1999 with Chesterton International Plc in London. After qualifying as a member of the Royal Institution of Chartered Surveyors in 2001, I remained in the City office agency team.
Richard Coombs is a Director in the UK National Investment team with particular responsibility for investment in the South West. His specialist area is business space although he also provides advice to clients across all major sectors of the market. Richard has advised clients such as Aviva Investors, Patrizia, Mayfair Capital, Aberdeen Standard Investments, Columbia Threadneedle Investments and Castleforge Partners for more than 25 years in the acquisition, sale and funding of investment property.
London - West End
I have more than 20 years experience working in the UK property industry and have an extensive background in UK property research, undertaking varied types of property and fund due diligence research over my career. At Colliers International, I lead our National Offices Research for Manchester, Birmingham, Leeds, Bristol and the South East.
I am responsible for our quarterly reporting and statistical analysis of occupier trends in the major UK regional cities as well as bespoke analysis, consultancy and commentary on these markets. In addition to our quarterly reporting, I collect and analyse prime rental data for 63 towns and cities across the UK to produce our National Offices Rents Map.