Bristol office market roundup
Take-up remains robust
Take-up in Bristol during Q1 2026 reached 160,354 sq ft and was achieved through 22 transactions, 16% higher than in Q1 2025. Take-up was 72% higher than the same period in 2025 and 17% and 23% higher than the five- and ten-year Q1 averages. The quarter was also the highest Q1 recorded since 2022, illustrating the resilience of the Bristol office market.
Grade A and Prime take-up totalled 96,623 sq ft – also the highest combined take-up since 2022, which was achieved through six transactions. The grades combined accounted for 60% of the total, with this the highest Q1 proportion of take-up since 2016.
Availability continues to fall
Total availability at the end of Q1 2026 stands at 1.1 million sq ft, a decrease of 3% on the previous quarter. This means that the overall vacancy rate has declined by 30 basis points to 8.5%. Secondary stock still accounts for the majority of the total at 61%.
Grade A and Prime availability stand at 129,439 sq ft and 298,171 sq ft, accounting for 12% and 27% of the total, respectively. Whilst Grade A availability has decreased by 4% in comparison to the previous quarter, Prime has remained the same. Consequently, the Grade A vacancy rate has fallen marginally and is now 1.0%. Meanwhile, the Prime vacancy rate is unchanged at 2.29%.
TMT occupiers return to the market
The ‘TMT’ sector was the most active in Q1 2026, leasing 100,772 sq ft, accounting for 63% of the total take-up. There were six transactions in the quarter, with Graphcore acquiring the largest space of the sector and the quarter, at a total of 68,504 sq ft at 1 Georges Square.
This was the third-largest TMT transaction on record for the sector in Bristol, and the highest quarterly take-up since Q1 2022.
The ‘Professional’ sector was also active during the quarter, leasing a total of 15,506 sq ft and accounting for 10% of the total take-up. The sector had two transactions, with PKF Francis Clark acquiring the largest of the sector for a total of 12,690 sq ft at 90 Victoria Street.
Take-up was 72% higher than the same period in 2025, and 17% and 23% higher than the five- and ten-year Q1 averages, highlighting the resilience of the Bristol office market.
Christopher Meredith, Director, Office Agency
New increases in headline rent
There were consecutive quarter increases in headline rent in 2025, with another increase in Prime headline rent achieved during Q1 2026 in Bristol, with the city now at a headline of £52 per sq ft.
This was achieved by Graphcore at 1 Georges Square and represents a 4% increase on the previous headline rent of £50 per sq ft. Bristol, along with Birmingham, continues to have the joint-highest Prime rent across the UK Big Six markets.
The city has experienced Prime rental growth of 39% since the end of 2019, and further growth is projected over the next three years, with Prime supply increasingly constrained. It is anticipated that with a pre-let new build, Bristol will achieve £60 per sq ft by 2028, if not before, representing an increase of 15% on current rental levels.
Find out more about Bristol's property market here.
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