Edinburgh
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
-78% CHANGE ON LAST QUARTER
VACANCY RATE
+168BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
2% QUARTERLY GROWTH
TAKE-UP (SQ FT)
Source: Avison Young
Edinburgh take-up was largely driven by SME’s in Q1 2025 with no deals over 10,000 sq ft recorded. As a result, take-up reached 114,567 sq ft, this is down on a strong Q4 2024 (-78%) which saw Lloyd’s 282,500 sq ft pre-let at Port Hamilton. Edinburgh occupiers continue to show their preference for central locations with 91% of demand occurring in the city centre in Q1.
Driven by a significant increase in second-hand space, the vacancy rate increased 168 bps to 5.8%, despite this, Edinburgh’s vacancy rate is the lowest across the Big Nine regional office markets.
The lack of good quality stock and restrained development pipeline in the city centre continues to place upward pressure on prime rents with q-o-q growth of 2%. The heightened supply and demand imbalance has put downward pressure on rent frees, now standing at 10 months from 12 months last quarter.
NOTABLE DEALS
Source: Avison Young
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA, Glenigan
This report has been prepared by Avison Young for general information purposes only. Whilst Avison Young endeavours to ensure that the information in this report is correct it does not warrant completeness or accuracy. You should not rely on it without seeking professional advice. Avison Young assumes no responsibility for errors or omissions in this publication or other documents which are referenced by or linked to this report. To the maximum extent permitted by law and without limitation Avison Young excludes all representations, warranties and conditions relating to this report and the use of this report. All intellectual property rights are reserved and prior written permission is required from Avison Young to reproduce material contained in this report.