Scotland is facing a subdued market during the second quarter of 2010 according to data observed by officebroker.com, with small decreases being present amongst key areas when compared to last year.
The report was published on 6th August and officebroker.com has found that individual businesses entering serviced office space along with their workstations requirements are lower than the same quarter of 2009. The report shows a 7% decrease in the number of clients being placed and the average requirement of 3.1 workstations which has also lowered.
Development on a Haymarket office space has been halted until further notice. The plan now by developer Tiger is to replace it with a large complex of office and retail office space, rather than a 17-storey luxury hotel.
Office development is believed to be reaching 10-storeys, with the highest offering a great view of the Edinburgh skyline. It promises to be quite an eye catching display for any office workers who might decide to work there.
Glasgow and Edinburgh could face a ‘critical’ shortage of office space by 2012 into 2013.
Following the national recession, there has been a lack of new developments in the two cities and occupiers may begin to look beyond them for sufficient accommodation.
Whilst this problem is not immediately noticeable, the lack of high-quality office space is likely to create a ‘development vacuum’ in the city’s office markets.