Edinburgh office space on the brink of 2009ΓÇÖs biggest property lease
Edinburgh could be in for the year’s biggest office space lease agreement, if energy consultancy Wood Mackenzie decide to go ahead with plans to move into the capitalΓÇÖs new Exchange Place development.
According to Scotland on Sunday, the firm are reportedly considering 40,000 sq ft of office space in the scheme, which is expected to add up to ┬ú1.1 million a year in rent alone.
Darryl Tidd, investment director at SWIP, said:
“We are in detailed discussions with an occupier about taking a large amount of space in one of the buildings, which would – if we conclude negotiations – take us to about a third of the scheme let.”
He added: “From an investment view, short-term development profit from Exchange Place has to some extent been eroded by the market. But we have a lot of confidence in the scheme and the potential for capital values to increase.”
A number of incentives have also reportedly been offered in conjunction with the scheme.