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Edinburgh Offices

UK Commercial – Spring 2021

Report

Autoren: Pearl Gillum , Nick Penny , Mike Irvine

Reihe: Savills Market in Minutes

Anbieter: Savills

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  • Erscheinungsdatum : 11.06.2021
  • Seiten : 2 Seiten
  • Datei-Typ : PDF-Datei
  • Größe : 108,71 kB
  • Sprache(n) : Englisch

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Inhalt

During Q1 Edinburgh city centre take-up reached 79,276 sq ft. while this is 12% above the same period last year, it is significantly below the 10-year quarterly average – as take-up remains subdued by the effects of the Covid-19 pandemic.

The Technology, Media & Telecoms sector contributed the largest proportion of take-up, accounting for 45%. Key deals in this sector included Motorolla which leased 10,884 sq ft at Caledonian Exchange along with Rockstar North Ltd and Trustpilot which leased 9,725 sq ft and 9,283 sq ft, respectively.

Many of the occupiers that we see in the Edinburgh market at the current time are focusing on new (less than five years' old) Grade A offices in the city centre. The issue in Edinburgh is that stock of this nature is in extremely limited supply with approximately only 220,000 sq ft of current 'Prime' availability and much of this is under offer.

Currently, Grade A rents in Edinburgh are in excess of £35.50 per sq ft and incentives remain low. Edinburgh has seen consistent prime rent rental growth throughout the pandemic and we expect this to continue throughout the year.

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