There have been more deals done and more space let and land sold in Greater Bristol during the first quarter of 2020 than in the same period in 2019 according to the latest figures from the Western branch of the Industrial Agents Society.
Industrial take up saw 342,740 sq ft of warehouse space let and 7.53 acres of land let or sold in a total of 36 deals compared to the first quarter of 2019 when 201,426 sq ft was sold or let across 34 deals
Tom Watkins, associate director at Colliers and chairman of the Western Branch of the IAS, said that the figures were an encouraging start to the year, but cautioned that it was still unclear how the COVID-19 pandemic would affect take up for the rest of 2020.
“The COVID-19 crisis is inevitably going to affect take up as companies focus on the matter at hand as opposed to their relocation plans, but the extent of this is as yet unknown.
“Notwithstanding this, the fundamentals of the South West industrial sector remain strong, built on a lack of available stock and pent up demand.
“However, it’s difficult to predict at present when these deals will materialise. We have to assume the tap won’t open again until COVID-19 is over and Government policies have started to be relaxed.”
The biggest leasehold deal of the quarter in the Greater Bristol area was the letting of 44,462 sq ft of space at St Modwen Park Access 18, Avonmouth.
The largest land sale was of 6.53 acres at Plot 5B on Severn Road, Avonmouth.
The IAS Western Branch is a committee that represents agents acting on behalf of landlords of industrial premises across the South West and South Wales. The committee is made up of agents from companies including Knight Frank, Carter Jonas, CBRE, Colliers International, Alder King, Russell Property Consultants, BNP Paribas, Lambert Smith Hampton, Burston Cook.