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Edinburgh snapshot : sentiment beginning to turn - Q2 2013

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Edinburgh city centre take-up fell to 56,000 sq ft in Q2 (Figure 1). However there was a significantly larger volume of grade A deals than previous quarters, spread over four transactions. The largest was for 12,000 sq ft to the government’s Green Investment Bank at the 191,000 sq ft Atria building, which completed in Q2. Skyscanner also took 9,000 sq ft at Quartermile One.

Conditions remain challenging but occupier sentiment is starting to turn. Incumbent tenants are now more likely to run relocation strategies, rather than settle for extra incentives from landlords to remain where they are.

The finance and professional sectors are still important for occupier demand in Edinburgh. Known major requirements include 33,000 sq ft for PwC, which has just gone under offer to take a floor at the Atria building. Out of town, JLT Insurance is set to take 30,000 sq ft, and Sainsbury’s Bank is due to occupy 85,000 sq ft at Edinburgh Business Park.

Source : DTZ (Groupe UGL)

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