Bristol's growing technology, media and telecoms (TMT) sector is driving employment in the region and demand for office space, a new report has revealed.
The city's TMT industry accounted for 26 per cent of office take up in the first three quarters of 2019 - ahead of London (21 per cent) and the national average (23 per cent), according to the Future of Our Cities report by estate agency Knight Frank.
Nationally, the survey found that employment in the sector is set to rise across UK regional cities by 16 per cent over the next 10 years.
Bristol's TMT growth is also attracting investment to the city - a point highlighted recently to UK property investors at an event in London.
Martin Booth, head of the office agency team at Knight Frank’s Bristol office, was part of a forum of experts who presented key commercial property topics to a 150-strong audience including the country’s top pension funds, property companies and developers.
He said: “Over the last five years in Bristol the technology, media and telecom sector – TMT – has stood shoulder to shoulder with professional services, responsible for a quarter of all take-up.
“Bristol has seen significant growth in the number of tech companies starting small and growing big very rapidly in the city, such as Graphcore, Ultraleap and Cookpad.”
'There is significant interest in the Bristol commercial property market'
Martin Booth added that overall Bristol was appealing strongly to national investors.
“At the moment there is significant interest in the Bristol commercial property market, which is standing out against other main UK cities because its office supply-demand imbalance is offering very positive rental growth opportunities,” he said.
Darren Mansfield, partner in Knight Frank’s commercial research team, said: “The influence of the technology sector on the economic fortunes of the UK continues to grow.
"Since 2002, the economic output from tech industries has grown significantly, with further upward trajectory forecast for the next 10 years. This picture of growth is mirrored in the scale of demand for office space being acquired across the UK."
Alastair Graham-Campbell, partner in the capital markets team, added: “Growth on this scale across the UK will generate new requirements and sustain current occupational footprints throughout the next decade."
The Future of Our Cities report looks at the key themes impacting 10 of the UK’s regional office markets including Bristol, Aberdeen, Birmingham, Cardiff, Edinburgh, Glasgow, Leeds, Manchester, Newcastle and Sheffield.
.jpg?w=600)
