ΓÇ£Welcoming SignsΓÇ¥ for Office Market in Edinburgh
Office space rentals in Edinburgh is reportedly showing ΓÇ£welcoming signsΓÇ¥ of of stabilising according to property agents based in the Scottish capital, with the volume of office space being taken-up during the early part of 2010 exceeding the same period of 2009 by over 10,000 sq. ft.
Boosted by a series of large lettings with the city, such as the new call centre for H&M at the Waverly Gate development, the occupier take-up in the city totalled 153,000 sq. ft. during the second quarter of 2010according to Jones Lang Lasalle.
Although office space take-up has increased according to the agent, it also reports that transactions continue to be for smaller portions of office space ΓÇô suggesting that those businesses active within the Edinburgh office market are smaller and leaner in the wake of the financial downturn. Jones Lang Lasalle does however suggest that those businesses seeking office space over 10,000 sq. ft. are beginning to show signs of returning to the market.
Speaking to The Scotsman, associate director at Jones Lang Lasalle Craig Watson said: “These figures demonstrate a degree of stability in the Edinburgh office market although the majority of activity, some 80 per cent, is still focused at the smaller end. General sentiment from occupiers appears to have improved.”
Other office space research for Scotland, delivered by the UKΓÇÖs leading independent of serviced office space, has revealed a subdued Scottish market during Q2 2010, with the positive gains recorded in ScotlandΓÇÖs serviced office space market during the opening quarter of 2010 failing to maintain momentum.