Edinburgh’s office space market looking healthy | 31 October 2012
According to the 71st Scottish Property Review, Edinburgh’s office space market is looking quite healthy – despite it being called “subdued” by some experts.
The review found that over the past six months, 53 new deals were made across the city centre; with a further 17 being sealed in the Scottish capital’s outskirts.
In fact, this year has seen the healthiest rental of office space since the property slump seen three years ago, scotsman.com reports. What’s more, the report – which was published in co-ordination with local consultancy Ryden – showed that several office space transactions “are currently in legal hands”, which demonstrates demand isn’t dying out yet.
However the head of consulting at Ryden, Mark Robertson, explained the market is yet to hit expected levels. He said: “The up-tick in Edinburgh’s office sector is welcome, but the market is fluctuating within a narrow range and demand remains some way below what we would expect in a fully-functioning market.”
Supply isn’t necessarily meeting demand in Edinburgh either, as there was only a four per cent increase in office space supply in the six months leading up to October. However as demand rises, it may be that the capital attracts interest from those operating new-build projects, which could help remedy the situation.
What’s more, Ryden confirmed on ryden.co.uk that ‘there is a continuing period of market stability’ within the office space sector, meaning the outlook seems fairly positive for the months to come.
Written by Deborah Bates on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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