Bristol take-up reached 267,127 sq ft in Q1 ‘26, marking the strongest quarter since Q1 ’22. Buoyant levels of demand were seen in both the city centre and out-of-town markets with take-up levels at 12% and 43% ahead of the 10-year quarterly average, respectively.
The largest deal of the quarter saw AI firm Graphcore take 68,500 sq ft at 1 Georges Square. The deal also set the new headline rent at £52.00 psf, representing quarterly annual prime rental growth 4% and annual growth of 8% in prime rents. Rent frees remain at 24 months on a 10-year term.
Despite seeing a marginal increase in the overall vacancy rate to 9.7% in Q1, from 9.6% the previous quarter, best-in-class stock continues to be in short supply with Grade A vacancy at 2.5%. Furthermore, new deliveries in 2026 are subdued, with just 140,000 sq ft due to complete which is available, down on 220,000 sq ft seen annually on average over the last 10-years.