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Spotlight: Bristol Cross Sector

Research Article

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Bristol must address its housing and workplace shortfall to continue its economic growth

■ Bristol’s economy has grown faster than other cities outside of London. Robust demand for homes has pushed up house prices in Bristol by 11% over the past year, outpacing the national average.

■ Wider Bristol needs a very minimum of 84,364 new homes by 2036 and would suffer from a potential future shortfall of at least 1,234 new homes a year, if current rates of building continue.

■ There is also an undersupply of new office space, with only one year’s worth of Grade A supply available. Failure to meet demand may inhibit growth prospects of local businesses and make it harder to attract new companies.

■ Bristol has seen the highest number of applications granted for office to residential conversions outside London. However, we expect to see a shift in this trend as growth in office rents means commercial refurbishment is attractive again.

■ Bristol needs to grow to accommodate its rising population. Co-operation with neighbouring local authorities is key. At least 30,000 new homes are currently being planned for or developed in the city’s immediate surrounding areas.

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