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Edinburgh: Second Most Expensive UK City For Office Space

Edinburgh: Second Most Expensive UK City For Office Space
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The average workstation price was £62 higher than in the same period of 2010.

The research by market leader officebroker.com , found that the cost of space in the Scottish capital had increased by nearly a quarter (24%) when compared to the same nine month period last year.

Edinburgh city centre has been the second most costly serviced office location in the UK now for two years.

The average cost per workstation currently stands at £316 p/m, a £62 increase on the same period last year and £50 more expensive than Leeds, the next most expensive UK city. This is still well short of the £546 p/m paid in central London.

However, it is believed that prices could be set to fall as providers bid to fill more than 4,000 workstations recently vacated by Tesco.

Whilst there was a 15% increase in the number of firms enquiring about space in the capital, there was a same percentage fall in the number of new businesses entering serviced office space when compared to 2010.
Despite the rising cost of office space in the city firms were found to be taking on premises which were on average 55% larger than during the same period last year.

Chris Meredith, UK Head of Sales at officebroker.com, said the high prices had been driven by the limited supply created by the presence of large occupiers such as Tesco and continued demand in the financial areas of the city.

Mr Meredith said: ΓÇ£Supply had previously been limited within the city centre, primarily due to the 4,000 workstations occupied by Tesco while they were waiting for their new permanent office to be completed.

ΓÇ£The result of this change is that a large amount of high quality space will become available in the coming months, the impact of which could cause the cost of acquiring flexible space in the city centre to decrease in the short-term.ΓÇ¥

Where did this Appear?

The Scotsman

Estates Gazette

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Author: | October 19, 2011 | 0 Comments

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