Bristol likely to be heavily influenced by the expanding high-tech innovation sector

Bristol

Despite restrictions, Bristol showed its economic resilience in activity in the latter half of 2020, driven by a strong independent community infrastructure, and a number of innovative approaches to encouraging people to eat out and shop locally.

That’s according to a new report by real estate consultancy Avison Young.

The relative strength of the Bristol office market looks set to continue with many deals moving forward alongside a growing demand for flexible offices.

The industrial market has shown significant strength during 2020, with that expected to continue into 2021.

Cribb’s Causeway and the city centre continue to dominate the city’s hard-hit retail landscape, however less central leisure facilities are emerging including YTL securing planning permission for the 17,000 capacity arena at the former Filton Airfield.

Going forward, Bristol is likely to be heavily influenced by the expanding high-tech innovation sector with major occupiers and emerging start-ups fuelling demand. There is also expected to be a continued focus on sustainability in the city during the upcoming regional and city mayoral elections in 2021.

In terms of longer-term recovery, Avison Young expects the Bristol economy to be supported by growth in the consumer services sector through to 2024, alongside moderate growth in professional services while the manufacturing sector struggles to regain ground lost in the first half of 2020.

Read our forecast for Bristol’s commercial property in our MARCH 2021 issue