Edinburgh office take-up on track to beat 2016 total

Published: 12 October 2017

Edinburgh’s office market looks set for another very strong year after a further 160,449 sq. ft. of city-centre stock was let during Q3 2017, according to Knight Frank.

Analysis from the independent property consultancy found that the figure was up nearly two-thirds (61.2%) on the 99,512 sq. ft. registered during the same period last year.

It also compared against 415,698 sq. ft. in Q2 2017, which was the highest quarterly total on record. This was largely driven by the Government Property Unit’s acquisition of around 190,000 sq. ft. at New Waverley – the biggest office deal in the city for longer than two decades.

The market has hit the ground running after the usual summer break – it’s placed Edinburgh in a great position to outdo last year’s solid performance.

Simon Capaldi, Office Agency Partner , Knight Frank

 

More than two-thirds (69.4%) of the activity between July and September 2017 was transacted by financial services companies, with a further 11% acquired by the technology, media, and telecommunications (TMT) sector.

The latest quarter of activity takes the total take-up in Edinburgh city centre to 700,822 sq. ft., of which 576,549 sq. ft. was Grade A space. Last year saw a total 760,000 sq. ft. let in the city centre, placing the city on the cusp of surpassing this figure in the final quarter of 2017. 

 

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