Edinburgh office space take-up doubled in Q2
The latest research by Cushman & Wakefield shows that take-up of prime office space in Edinburgh has almost doubled in the second quarter of 2009 compared with the first.
A report by the Business Scotsman states that the volume of new office space leased in Edinburgh increased, along with the transaction size of new lettings.
Grade A office space rental values in Edinburgh are said to have dropped to ┬ú28.50 per sq ft, which brings the city on a par with office space rates in Glasgow and Manchester.
Edinburgh’s largest letting of 2009 Q2 was a 17,697 sq ft space taken by accountants Scott Moncrieff at Exchange Place. Hymans Robertson also took 13,029 sq ft at the property.
Angela Lowe, associate at Cushman & Wakefield, said:
“Companies are still prepared to move in the current economic climate to the highest quality offices in the best locations, as a result of expansion needs or a flight to quality.”