Investment transactions and leasing activity in the Bristol office market have slowed, but not halted completely, in the first half of 2008, according to the latest research by CB Richard Ellis.

Take up has fallen from 521,500 s ft in the first half of 2007 to 376,500 sq ft this year.

However, the report stressed that last year was a record year and take up was in line with the five year annual average of 685,200 sq ft.

Whilst smaller lettings are continuing to happen, the larger pre-lets that have buoyed the market in recent years have been absent so far in 2008, the report found.

Peter Martin, associate director in CB Richard Ellis’s Bristol office, said: ‘Take up to dates in 2008 is in line with the 5-year average, whilst there have not been the large pre-lets of last year the number of deals and enquiries is encouraging.’

In the investment market, transactions in the first half of 2008 totalled £100m, compared to £134m on the same period last year.

Andy Sayner, director of investment, said: ‘Yields for both prime and secondary offices continue to move out in 2008 as institutions continue to disinvest and leveraged buyers seek higher initial yields to improve their cashflow position in order to secure funding.’