Edinburgh office properties receive a boost in third quarter
Office property in Edinburgh has received a boost thanks to a strong third quarter.
More companies are investing in Edinburgh office space after a report showed an increase on third quarter take-up from the corresponding period of last year.
Edinburgh office space has received a boost as more firms have taken up the offer of commercial property in the Scottish capital during the previous quarter.
Property valuers DTZ have confirmed that there has been a higher than anticipated take up of office space during the third quarter of the year.
The third quarter is traditionally seen as one of the slowest quarters because it clashes with the main holiday period months of July-September so this positive result has come as a shock to many.
Over 145,000 square feet was leased across the summer months which represents a rise of 30% from the last quarter. However, the sum still trails the five year average for the quarter by 20%.
The outlook is positive for the city overall with 425,000 square foot of office property leased this year; only 60,000 square foot less than was leased in the entirety of 2009. Although the cosmopolitan city has not quite hit the heights of 2005, Edinburgh is showing signs of recovery.
The historic city is only ten deals off beating the total commercial letting in 2009 and experts are hopeful that last year’s total will be beaten.
The most in demand office sites have been the suites which have space of 3,000 square foot or less. DTZ believe that the willingness to sublet these type of properties could aid Edinburgh if companies are confident enough in the city’s office market to decide to bid for the space and inadvertently create a bidding war.