Edinburgh
Take-up
TOTAL TAKE-UP IN QUARTER (SQ FT)
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
TAKE-UP (SQ FT)
Source: Avison Young
Take-up totalled 116,009 sq ft, 38% below the 10-year Q2 average.
City centre take-up was relatively stronger in Q2, 57% below average, whereas the out-of-town market was 81% below average.
A lack of quality product for larger space occupiers has seen an increase in lease re-gears, with 140,000 sq ft recorded across the city.
Key deals included:
- Azets Holdings leasing of 12,706 sq ft at Quay 2;
- Modular’s 11,246 sq ft lease at Exchange Cresent;
- Bute energy’s 10,605 sq ft lease at Quartermile one.
Over the past 12 months, the manufacturing and industry, professional services and TMT and creative sectors saw the highest levels of take-up, together accounting for 70% of the total.
Prime rents remained unchanged at £45.00 per sq ft.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
0.0%
Quarterly change
Source: Avison Young
12 month change
Rent free months (10-year lease)
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
Availability
AVAILABILITY RATE
CHANGE ON LAST QUARTER
CHANGE ON LAST YEAR
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
The availability rate fell 119 basis points to 4.8%. Premium quality space is most undersupplied, with the grade A availability rate at 1.1%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 384,707 sq ft new and refurbished space is due to complete during 2024, with a further 51,185 sq ft due in 2025. This includes Canning Exchange, 22 Charlotte Square and 30 Semple Street, as well as Baillie Gifford’s pre-let 280,000 sq ft 2 & 3 Haymarket Square. In total, 77% of all new and refurbished space under construction is let or pre-let.
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