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Edinburgh, 16 April 2013 - The number of businesses with property requirements in Edinburgh has nearly trebled in Q1 2013 compared to the previous quarter, according to new research by Jones Lang LaSalle.
During the first three months of the year, there were sixty two new office requirements for Edinburgh, compared to twenty five in Q4 2012. With deals normally taking between six and twelve months to complete, take up during the second half of 2013 is predicted to reinforce improving market conditions for the city.
Occupier take-up in Q1 2013 totalled 158,000 sq ft comprising forty deals, representing a nineteen per cent increase from the 133,205 sq ft transacted in Q4 2012.
Significantly, West Edinburgh take-up accounts for nearly thirty per cent of the total take-up in Edinburgh year to date, representing sixty nine per cent of the total take up transacted in West Edinburgh throughout the whole of 2012. The figures show a fifty per cent increase from the same Quarter last year (Q1 2012), making it the most active quarter for West Edinburgh over two years.
City Centre take-up accounted for just over half of the total Edinburgh take-up during Q1 2013, with twenty six deals comprising 84,000 sq ft.
The most notable deals included The Cheque Centre (19,000 sq ft) and Napier University (26,000 sq ft) both in West Edinburgh.
Ben Reed, Director of Office Agency, Jones Lang LaSalle, comments:“As an office destination, West Edinburgh has been standing still for some years. However, there are now some clear signs of new life being breathed back into the market. Edinburgh Park, in particular, is experiencing a significant increase in interest, having only transacted a total of 7,000 sq ft during 2012.
“Regional Business Parks have been struggling, but with rents at around £10-14 per sq ft to £10-15.50 per sq ft versus £27 in the City Centre, offices around South Gyle are an increasingly attractive proposition for occupiers seeking good value. This location in particular is very well connected via public transport, including two new tram halts located on Edinburgh Park. Accessibility is an increasingly important factor when selecting new premises as more staff are using alternative forms of transport.”
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