Concerns about the entry onto the Scottish market of a new superpower the merged CB Richard Ellis has done little to disrupt the status quo north of the border.
The big three Ryden, Montagu Evans, and Jones Lang LaSalle have still dominated lettings in Scotland’s largest markets over the previous year. However, a limited number of mega-deals have made the difference between sensation and obscurity.
Both Ryden and Montagu Evans can lay claim to the 100,000 sq ft-plus Citymark deal in Edinburgh’s Fountainbridge in March. In contrast, the average size of last year’s deals just cleared the 6,000 sq ft mark.
The only other 50,000 sq ft-plus city-centre deal completed in the past year was Knight Frank’s letting of Granite House to the Glasgow Housing Association in Stockwell Street. The only other notable letting in central Edinburgh was the 17,500 sq ft that Ryden and Eric Young & Co let to law firm DLA.
Ryden is strong in both centres. By contrast, Montagu Evans let nearly three times more space in Edinburgh as it did in Glasgow last year. Likewise, JLL let more than twice as much space in Glasgow as in Edinburgh.
The merger of Insignia Richard Ellis and CB Hillier Parker made more of an impact in Glasgow, where IRE had an office already. Whether the union can turn CBRE into a force to be reckoned with in Edinburgh remains to be seen.
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Edinburgh agents’ league table |
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Ryden did well in both centres |
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Place |
Agent |
Total space (sq ft) |
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1 |
Ryden |
155,043 |
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2 |
Montagu Evans |
149,504 |
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3 |
Jones Lang LaSalle |
54,238 |
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4 |
Eric Young & Co |
25,430 |
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5 |
DTZ |
21,504 |
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6 |
Roxburgh & Co |
17,673 |
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7 |
King Sturge |
13,007 |
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7 |
CB Hillier Parker* |
13,007 |
|
9 |
Culverwell |
6,983 |
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10 |
Knight Frank |
6,066 |
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Source: EGi Deals database. Covering central Edinburgh from August 2002 to August 2003. Central Edinburgh is defined as the postcode areas of EH1, EH2 and EH3. Only lettings are recorded. The table refers to agents acting for the lessor, not the lessee. Joint agency deals are related to both agents.* now trading as CB Richard Ellis |
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Glasgow agents’ league table |
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JLL did the bulk of its lettings in Glasgow |
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Place |
Agent |
Total space (sq ft) |
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1 |
Ryden |
166,602 |
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2 |
Jones Lang LaSalle |
124,629 |
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3 |
Knight Frank |
97,303 |
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4 |
CB Hillier Parker* |
46,268 |
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CB Richard Ellis** |
26,980 |
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5 |
Montagu Evans |
51,719 |
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6 |
DTZ |
49,202 |
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7 |
Graham & Sibbald |
45,000 |
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8 |
King Sturge |
41,100 |
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9 |
Gerald Eve |
33,616 |
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10 |
James Barr |
22,595 |
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Source: EGi Deal database. Covering central Glasgow from August 2002 to August 2003. Central Glasgow is defined as the postcode areas of G1, G2 and G3. Only lettings are recorded. The table refers to agents acting for the lessor, not the lessee. Joint agency deals are related to both agents.* Now trading as CB Richard Ellis** Deals completed after the CB Hillier Parker and Insignia Richard Ellis merger |
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