Edinburgh Office Space Take-up Exceeds 2009 Levels
The Edinburgh office agency of commercial property firm DTZ has revealed that the take-up of office space in ScotlandΓÇÖs capital has surged during 2010, exceeding the total office space take-up recorded in 2009 by the close of Q3 2010.
According a report in The Scotsman, the city centre office market in Edinburgh has posted positive results despite a belief that the commercial property remains ΓÇ£ChallengingΓÇ¥ ΓÇô with the return of prime rental growth not expected until 2012/2013.
“It is noticeable that the best quality supply in the market continues to attract demandΓÇ¥ explained Mark Jones, Head of DTZΓÇÖs office agency department in Edinburgh.
“Edinburgh has demonstrated that it has a robust city centre office market, and demand continues to originate from a wide variety of sectors.ΓÇ¥
One sector highlighted as being ΓÇ£noticeably active againΓÇ¥ is that of Financial Services, whose decline in the wake of the recession flooded the market with vacant office space.
Confirmation by DTZ of this activity within the office market of Edinburgh follows a report made available last week by property consultancy Mellersh & Harding ΓÇô which predicted that the demand for Grade ΓÇÿAΓÇÖ Office Space in the City of London would also be boosted by activity from the Financial Services sector.
While the take-up of commercial office property may have exceeded 2009 levels in Edinburgh, the take-up of serviced office space within the Scottish capital has remained in-line with 2009 levels according to officebroker.com, the UKΓÇÖs largest independent broker of serviced office space.
Following a 71%* increase in the number of new businesses entering serviced offices during the opening quarter of 2010, the second and third quarters of 2010 saw the number of placed businesses return to levels in-line with that of 2009.
But with the overall increase that occurred in the opening months of 2010 ΓÇô the closing months of the year could see the take-up of serviced office space in Edinburgh exceed 2009 levels ΓÇô emulating the overall growth shown in the commercial office market.
*Source: officebroker.com statistics, Q1 2009 VS Q2 2010.