In Q3 2026 take-up reached 144,914 sq ft across 26 transactions, outperforming both the five-year average of 118,677 sq ft and the ten-year average of 126,268 sq ft.
The quarter brings total city centre take-up for the first nine months of 2026 to 441,845 sq ft, reflecting continued occupier demand despite ongoing economic uncertainty and a constrained development pipeline.
The largest transaction of the quarter was Arden University’s commitment to 30,274 sq ft at Queens Quay where they took the entire building and notably are a newcomer to our market. Other notable lettings included Hargreaves Lansdown taking a further 26,303 sq ft at Welcome Building and Patch Places’ move to 13,174 sq ft at Armada House. Another inward investment transaction in our market and a demonstration that flex offerings continue to thrive.
The quarter also saw Bristol achieve a new headline rent record of £55.00 per sq ft, following Hargreaves Lansdown’s acquisition of a further floor at Welcome Building. The deal establishes a new benchmark for the city and reflects the continued demand for high-quality office accommodation in prime locations.
Demand continues to be concentrated on best-in-class space, with occupiers increasingly seeking Grade A accommodation that supports modern workplace requirements, employee wellbeing and sustainability objectives. Well-located fitted space also remains attractive to occupiers seeking flexibility and speed of occupation.
While take-up remains healthy, the city centre development pipeline continues to face supply pressures. With no significant speculative developments currently underway, refurbishment projects are playing an increasingly important role in meeting occupier demand.
APAM’s One Friary scheme is due for completion before the end of the year and delivers a much needed 60,000 sq ft of new space to the market, while BlackRock’s Portwall Place refurbishment is on site and scheduled for completion in late 2027. Canons Wharf is expected to commence construction shortly and will provide a significant addition to Bristol’s future office stock.
The out-of-town market experienced a quieter quarter, with eight transactions completing, generating take-up of 28,332 sq ft. Whilst below the five-year and ten-year Q3 averages of 61,240 sq ft and 80,862 sq ft respectively, occupier activity remains selective, with demand focused on high-quality accommodation.
The largest out-of-town transaction was Vesync’s acquisition of 8,365 sq ft at The Chocolate Factory, followed by 365FS Ltd’s move to 6,110 sq ft at Paradigm House, Eden Office Park, a deal Burston Cook were involved in acting on behalf of the vendor.
Unlike the city centre market, there are currently no major refurbishment projects underway in Bristol’s out-of-town office locations. However, new-build development continues at YTL’s Brabazon scheme. The Interchange is set to deliver 86,300 sq ft of office accommodation above the new Bristol Brabazon railway station, with completion expected in 2027. YTL is also progressing plans for One Brabazon Gateway, which will provide a further 123,000 sq ft of office space above a new Waitrose store and is expected to complete in 2028.
Environmental, Social and Governance (ESG) standards are no longer a “nice to have” — they are now central to both investment decisions and occupational strategies. Buildings with strong ESG credentials consistently demonstrate lower void risk, higher rental performance and greater investor interest.
What occupiers and investors are prioritising:
Energy performance: EPC ratings, BREEAM targets and overall efficiency
Operational sustainability: Intelligent metering, building control systems and carbon-reduction measures
Health & wellbeing: High quality air circulation, good daylight levels and biophilic design
The role of the office has evolved. For many organisations, the workplace is now an experience — a space that supports culture, learning and collaboration. Amenities are becoming almost as influential as ESG in shaping workplace strategies.
Occupiers are increasingly seeking:
Spaces that reinforce company culture, collaboration and talent development.
On site amenities including cafés, communal areas, meeting hubs, wellness rooms, secure cycle storage and high quality showers and gyms.
Location advantages such as proximity to city centre leisure, lunchtime food options and public transport links
Amenity rich, well located buildings with strong ESG credentials continue to outperform the wider market.
Two key themes are reshaping demand:
Flight to quality – occupiers are prioritising the best space, not the most space
Right-sizing – decisions are driven by cultural fit, productivity and efficiency, rather than simple downsizing
Landlords who invest strategically in quality, amenities and ESG will be best placed to capture rental premiums, while occupiers who plan proactively will gain advantages in productivity, engagement and recruitment.
Burston Cook remains the most active office agency in Bristol, completing more transactions each year over the last decade than any of our competitors. As we enter 2026, our expanded agency team is well positioned to continue delivering exceptional results and market-leading insight for our clients.
Throughout 2025 and H1 2026, Burston Cook has remained the most active retail and leisure agent across Bristol city centre, Clifton, and other key locations within the city.
The Bristol retail and leisure market has shown resilience, with continued strong demand from independent operators and start-up businesses. Despite ongoing cost pressures, occupier activity has remained robust, and Bristol continues to strengthen its reputation as a leading food and beverage destination, supported by a diverse mix of new and established operators.
Popular retail pitches such as Park Street, Whiteladies Road, Gloucester Road, and Southville continue to attract good demand, particularly from independent businesses, with Burston Cook advising on a large proportion of transactions in these key areas. Demand remains particularly strong for smaller retail units (<£25k p.a.), with lower business rates helping to keep occupier costs manageable.
2025 and 2026 has also seen the opening of big brands including Lego, Look Fantastic, Joe & The Juice, Boots Beauty Odeon and Marks and Spencer’s at Cabot Circus, a positive shift, bringing more footfall into the centre following the closure of House of Fraser and Debenhams.
Out-of-town retail remains buoyant, with The Mall at Cribbs Causeway reported to be almost fully occupied, reflecting its continued appeal to national retailers. Cribbs has seen openings such as Honest Burgers, All Saints, Miniso and Loungers.
Park Street and Queens Road have benefitted from the likes of Black Sheep Coffee, Taco Bell, Wingstop, Lucy and Yak, Socktopus, Goose and Gander and Blank Street Coffee amongst others all joining the stetch.
Headline rental levels have remained broadly stable. Zone A rents in prime locations such as Cabot Circus are around £200 per sq ft, compared with approximately £90 per sq ft in Broadmead and £150 per sq ft at Cribbs Causeway.
The April 2026 business rates revaluation is expected to have a significant impact on the retail sector, with many businesses moving above the Small Business Rates Relief threshold and losing access to the relief. The new business rates multipliers for 2026–27, however, will partially offset this through a reduced multiplier for the Retail, Hospitality, and Leisure sector.
Whilst there are clearly challenges ahead in H2 2026 given the additional economic uncertainty created by the conflict in Iran and wider Middle East region, Burston Cook look forward to continuing to make a positive impact on the retail and leisure market throughout the remainder of 2026 and into 2027 as Bristol’s most active agent.
The third quarter of 2026 has shown some resilience in the industrial market in the face of challenging market conditions. The Industrial Agents Society data shows take up was up from Q2 with 49 deals being done and 545,976 sq ft of space transacted. This shows continued growth in take up from what was a very low bench mark in the first quarter of the year. The supply of immediately available stock remains a concern, and is one of the factors contributing to subdued take up, with higher build costs and softening investment yields making the delivery of speculatively built space very difficult for developers as rent growth and capital values have levelled off. Occupational demand remains subdued, as geo political factors and domestic political and fiscal instability continue to bite.
Deals are still being done, but tenants are increasingly rent sensitive and more aggressive in their negotiations, however, the lack of stock means that their choices remain limited. The demand for occupier purchase opportunities has remained healthy and investment appetite is there, but is very price sensitive.
With a combination of changing global economic conditions, regulatory reform and new entrants to the market providing a wider range of vehicle models, there has been a slightly more positive outlook for the automotive sector. Consolidation and multi-franchise sites remain a trend which allows for repurposing of surplus properties to the likes of self-storage, supermarkets, care homes etc. Ford announced at the start of 2025 that it has terminated 50 more dealerships, meeting its target under plans announced in 2020 to cut its dealerships by nearly half. Transformation from engine to electric continues to define the industry and EVs are becoming more affordable aided by new entrants to the market such as BYD and OMODA. These brands are taking up vacant dealership space and helping to boost the appetite in the dealership investment market.
The accident repair market, in which Burston Cook is active nationally, has been growing over the years driven by several factors including increased traffic density, rising repair cost, higher used car values and a rise in the average driving age. There has been a plethora of M & A activity in the sector over the last couple of years and ARC’s are having to invest in expanding their EV repair capability and keeping up with changing technology and systems in the automotive industry as well as demonstrating their commitment to sustainability.
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