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
Q4 2024 take-up totalled 510,000 sq ft, 169% above the 10-year quarterly average and 240% above previous quarter. Levels were boosted by Lloyd’s 282,500 sq ft pre-let at Port Hamilton, Edinburgh.
Bolstered by a strong Q4, 2024 take-up reached 882,000 sq ft, the strongest annual performance since 2018. 85% of take-up occurred in the City centre.
Key Q4 deals included:
- Lloyd’s pre-let of 282,500 sq ft at Port Hamilton;
- Heineken’s 44,000 sq ft lease at 6 Andrew Square;
- Royal London’s 25,000 sq ft lease at Waverley Gate.
Over the past 12 months, the Financial Services acquired the most space in Edinburgh, accounting for a 42% share. Manufacturing & Industry and the Professional services accounted for the next largest shares taking 14% and 11%, respectively.
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 continues to fall reaching 4.1% in Q4. This is 48 bps down on Q3 and 271 bps below Q4 2023. Just 0.6% of stock in Edinburgh is of premium quality.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 357,000 sq ft of new and refurbished space completed during 2024. Undersupply will continue to be a key theme of the Edinburgh office market in 2025, just 57,000 sq ft is due for completion in 2025 in one building; 30 Semple Street. 40% of the Coran Properties and CBRE IM property is pre-let.
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