Bristol office sector 'blighted by outdated stock'
A new report from Jones Lang LaSalle (JLL) has highlighted the greatest threat to office stock falling into disuse in the Bristol market is a lack of modernisation and refurbishment by landlords.
JLL's figures show that up to 50 per cent of all office premises in the city could become outdated in the next five years if action is not swiftly taken to ensure these properties fall in line with new environmental legislation as set out in the UK Energy Act 2011.
Under new laws, landlords have until April 2018 to ensure their properties achieve an energy performance rating of at least E or face their building having extensive periods of disuse, as occupiers are looking for the most energy-efficient buildings in which to reside.
Indeed, JLL's report stated that if the new guidelines came into force today, up to 20 per cent of all Bristol office stock would be classed as obsolete, with a further one-third of all properties on the cusp of being downgraded to this level.
Ben St Quintin, advisor on sustainability issues in the property and asset management team at JLL's Bristol office, stated: "We encourage landlords to get to grips with the legislation now and the implications it could have on their buildings.
"There may be some simple actions to be taken now which will minimise their exposure to the risk of building obsolescence and help increase rental value now too."
He added that proactive asset management and sustainable refurbishment are now required more than ever for landlords.
Elsewhere, plans for the construction of a new £65 million grade A office development by Abstract (Glasgow) were recently given the green light by local officials.
The 12-storey building will house 170,000 sq ft of new office accommodation, while the project will also help in the delivery of up to 250 construction jobs in the Scottish city over the coming years.
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