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Edinburgh, 7 October 2013 - Office occupier take up in Edinburgh soared during the third quarter of the year to surpass the first 6 months of the year, according to new research by Jones Lang LaSalle.
In excess of 340,000 sq ft was transacted in Q3 compared to 301,000 sq ft for the period January to July (H1 2013). Jones Lang LaSalle was involved in approx. 80% of the total share by sq ft.
Jones Lang LaSalle is predicting a strong outcome for the full year, potentially mirroring levels last witnessed in 2007. Total take up is expected to comfortably exceed the 2012 total of around 718,000 sq ft.
Ben Reed, Director Office Agency, Jones Lang LaSalle in Edinburgh commented: “Q3 take up has been exceptionally strong, with some sizeable new lettings both within the city centre but also encouragingly in West Edinburgh. Occupier take up increased over 135% compared to Q2 and exceeded the total for the first half of the year.
“Enquiries are coming in from a broad range of sectors, of which a number are reporting increased headcount as a driver to move.
“With no new speculative development planned there is increasing pressure on modern good quality space and larger corporate occupiers with forthcoming lease events should be alert to the growing shortage. We expect to record solid Q4 figures, and with a number of deals currently in legals, we should ensure that total take up in 2013 compares favourably against levels last witnessed in 2007.”’
Jones Lang LaSalle has recorded in excess of forty deals during Q3 compared to a total of fifty five deals (144,000 sq ft) that were transacted in Q2 2013. 50% of this take up occurred in West Edinburgh with the largest of these lettings secured on Edinburgh Park where take up in excess of 170,000 sq ft saw the highest total recorded since 1999. Supply has fallen in Edinburgh Park by around 50% with Sainsbury’s Bank and JLT amongst the occupiers acquiring space.
Within the city centre, total take up exceeded 150,000 sq ft including, most notably, deals for BNY Mellon at Capital House (54,600 sq ft) and PWC at Atria One (32,000 sq ft).
Enquiries continue to focus on offices which are well connected into the public transport network and offer good facilities for staff.
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Cathrine Harrison - PR
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