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
Q3 2024 take-up totalled 150,108 sq ft, 22% below the 10-year Q3 average and 29% above previous quarter.
City centre take-up was 23% below average, whereas the out-of-town market was 19% below average.
Key deals included:
- Diligenta’s leasing of 30,327 sq ft at 30 Lothian Road;
- Scottish Power’s 14,849 sq ft lease at 4-5 Lochside Avenue;
- Open University’s 12,972 sq ft lease at Norloch House.
Over the past 12 months, Professional Services, Financial Services and Manufacturing and Industry saw the highest levels of take-up, together accounting for 68% of the total.
Prime rents remained unchanged at £45.00 per sq ft.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
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 by 24 basis points to 4.6% from the previous quarter. Premium quality space is most undersupplied, with the grade A availability rate at 1.2%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 400,000 sq ft of new and refurbished space is due to complete during 2024. A further 52,185 sq ft due in 2025 which includes, 24-25 Andrew Square and 14 Charlotte Square. In total, 77% of all new and refurbished space under construction is let or pre-let.
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