Office take-up in Bristol last year fell to below the five year average, according to research by CB Richard Ellis.

Peter Martin, associate director at CB Richard Ellis in Bristol said: ‘In a year marked by the credit crunch and the negative impact on the property market, take-up figures were less than the five year average.

'Potential tenants have a good choice of quality office space as there is a significant amount of supply of stock on the market and this will increase later in the year when developments complete.’

Office lettings in Bristol city centre totaled 608,600 sq ft compared to 896,000 sq ft in 2007and the five year average of 713,000 sq ft.

Supply also fell by 12%, to 935,000 sq ft, although a further five buildings totaling 278,500 sq ft are due to complete in 2009.

The volume of investment deals also fell slightly, from £134m in 2007 to £130m in 2008.