LSH South West Wales

Research - 25/09/2019

South West & Wales Office Market Report 2019

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In our latest review of the major markets across the South West and Wales*, we can see some key trends and themes emerging in the region. The report’s title, ‘Rippling Out’, reflects the increasing confidence in the region’s smaller markets.

There is, of course, no escaping Brexit. In 2019 to date, uncertainty has been reflected in subdued activity at the larger end of the market. That said, large transactions in the smaller centres, such as Nationwide in Swindon and Ecclesiastical in Gloucester, have nonetheless pushed these markets forward.

Backed by strong fundamentals, the region remains a hotspot for investment demand. Alongside Bristol, Exeter and Cheltenham have seen significant investment transactions in the last 12 months.

Quality product is arguably the only barrier to investment in some markets, and it is extremely encouraging to see speculative development spread from Bristol and Cardiff to elsewhere in region.

Boasting a buoyant TMT sector, it is no surprise to see that Bristol is being targeted by an array of serviced office operators. This report assesses the current flexible office offer across the region, and we expect this demand to ‘ripple out’ from Bristol into other tightly supplied markets, in particular Bath.

While the markets have their own individual challenges, we are seeing a lot of opportunities for growth and investment. The local authorities continue to be forward-thinking with exciting opportunities being brought forward in conjunction with the private sector, such as Bath Quays in Bath, Temple Quarter in Bristol, Swansea Central and Capital Quarter in Cardiff.

This report combines granular detail of the region’s key locations* with our insight on trends and opportunities. If you would like further information, our team of experts in the local offices would be delighted to help.

Download the full report here.

*South West & Wales key markets: Bristol city centre, Bristol out of town, Bath, Cardiff, Swansea, Exeter, Plymouth, Gloucester & Cheltenham, Swindon.

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