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Bristol economy set to outpace rest of UK, says expert

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Written by: Hannah Baker | Posted 05 July 2018 16:24

Bristol economy set to outpace rest of UK, says expert

Bristol’s economy is set to outpace the rest of the UK, according to a leading property economist.

Oliver Kolodseike, senior property economist at real estate services company Colliers International, says Bristol is one of the UK’s top economic hotspots and is set to enjoy growth above the national average.

Kolodseike says the city's economy is expected to grow by two per cent this year, while the rest of Britain will only expand by 1.3 per cent.

He believes this is a result of Bristol's "highly skilled workforce, business friendliness and above-average productivity".

Kolodseike said: “One advantage Bristol has over other cities is the low reliance on occupations that are forecast to shrink over the next decade as a result of technological progress and automation.

Read more: Deal or no deal? How Bristol businesses should be preparing for Brexit

"Bristol’s highly educated work pool will continue to support its economy and help the city to keep growing.”

Tim Davies, head of the Bristol office of Colliers International, says the news underlines the "pressing need" for commercial property development in the city as businesses continue to grow at pace.

He said: “We have been seeing increasing interest in opportunities on the part of investors.

“One of the reasons for this attention from investors is the excellent value offered by real estate in Bristol, and also in the South West.”

Overseas investors accounted for 58 per cent of investments in industrial properties in Bristol last year.

In Bristol’s office investment market, 48 per cent of investments last year were from UK institutions and 29 per cent from overseas investors.

 

 

 

 

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