Bristol office take-up remained resilient during the second quarter of 2026, with first-half activity outperforming long-term averages across both the city centre and out-of-town markets despite a tightening supply of Grade A space, according to the Bristol Office Agents Society.
In Bristol city centre, 27 deals completed during Q2, generating take-up of 136,567 sq ft and bringing total city centre take-up for the first half of 2026 to 296,931 sq ft. This exceeds both the five-year and ten-year averages for the same period, which stand at 257,649 sq ft and 255,230 sq ft respectively.
The largest transaction of the quarter was Gilbanks’ acquisition of 23,461 sq ft across the first, second and third floors of Assembly C. Other significant lettings included Films@59’s move to 16,640 sq ft at Barley House and a series of pre-completion deals at Skelton Group’s refurbishment of Embarq. BDO has committed to 14,195 sq ft, Bevan Brittan LLP to 13,998 sq ft and BNP Paribas Leasing Solutions to 5,554 sq ft.
These transactions, alongside lettings completed at Crescent and One Portwall Square, demonstrate occupiers’ continued preference for high-quality Grade A accommodation. Demand for fully fitted office suites also remains particularly strong, especially for smaller requirements, as occupiers continue to prioritise flexibility and speed of occupation.
Prime headline rents remained stable during Q2 2026 at £52.00 per sq ft. With demand for premium office space remaining strong and the supply pipeline continuing to contract, the market is widely expected to achieve a new rental record before the end of the year. But with no new office developments currently under construction and no significant starts anticipated during 2026, the market is becoming increasingly reliant on refurbishment projects to meet occupier demand. Bristol recorded its strongest year in 2025 since 2007 for Grade A take up, with landmark lettings such as Hargreaves Lansdown’s 90,362 sq ft deal at the Welcome Building.
The comprehensive refurbishment of Embarq (60,000 sq ft) is due to complete this summer and has already attracted significant occupier interest. Other major refurbishment projects currently on site include One Friary (60,000 sq ft) also expected to complete this summer, and Portwall Place (151,000 sq ft) which is scheduled for completion at the end of 2027. Meanwhile, Canons Wharf (170,000 sq ft) is expected to commence construction shortly and will play an important role in both placemaking and supporting future office demand within Bristol Harbourside.
Supply constraints persist, particularly for best-in-class space, underpinning headline rental growth. Bristol led the region, recording its strongest year in 2025 since 2007 for Grade A take up, with landmark lettings such as Hargreaves Lansdown’s 90,362 sq ft deal at the Welcome Building.
The out-of-town market experienced a quieter second quarter, with 12 transactions generating take-up of 40,650 sq ft. Nevertheless, the first-half total reached 147,413 sq ft, placing activity ahead of the ten-year average for the period and only marginally behind the five-year average, which has been influenced by an exceptionally strong first half in 2025.
Without any major transactions completing during Q2, the largest out-of-town letting was L3Harris’ acquisition of 9,500 sq ft at 920 Aztec West.
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 first half of 2026 has proved slightly trickier than the record year of 2025, with take up down below the 5 year average and a more subdued occupation market. 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.
We are also now seeing a slight drop in occupational demand too, as geo political factors and domestic political and fiscal instability have started to bite. Deals are still being done, but tenants are increasingly rent sensitive and more aggressive in their negotiaitons, 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.
The take up figures from and Industrial Agents Society for the first two quarters of 2026 reflect the hardening market trend with total take up at 401,150 sq ft so far, which is below the 5 year average of 650,000 sq ft.
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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