Office occupier take-up in Edinburgh is steady for Q3, according to JLL.
In total, 44 deals covering 134,462 sq ft were transacted in Edinburgh between July and September, only marginally down on the previous quarter’s total.
Much of the take-up was in smaller chunks; 81% of all transactions involved less than 5,500 sq ft, and only one deal was for more than 22,000 sq ft.
Deals during the quarter included Cirrus Logic taking a further 22,572 sq ft at Quartermile 4, Intergen taking more than 10,000 sq ft at 81 George Street, and HSBC occupying a further 8,966 sq ft at 6 Lochside Avenue. JLL was involved in all three deals.
Total take-up for the year to date has reached 570,000 sq ft, just 5% behind the total for the same point in 2015, a year which saw the capital’s highest take-up since 2001.
Tech companies have accounted for 30% of all Edinburgh office take-up so far this year, followed by professional services at 21%.
City centre vacancy stands at 4%, with 1% grade A space available.
Geoff Scott, associate director, JLL, said: “Our research shows that there is still a significant level of live requirements seeking space of more than 20,000 sq ft over the next few years, and we are confident that a number of larger requirements currently under offer could push take-up for the year close to or in excess of what was achieved in 2015.
“While the market remains strong, our own experience also tells us that many occupiers, developers and investors remain cautious about what the future holds as we get closer to formal Brexit talks. With much of the detail still unknown, making accurate predictions regarding the future health of the commercial property market remains extremely difficult.”
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