Small spaces shrinking
Exchange takes two following office split
Begbies Traynor, the corporate recovery and insolvency consultancy, has leased 1,636 sq ft in Excel House in a five year deal. It will be joined by QMPF, the corporate finance adviser, which has taken 1,699 sq ft of space on a five year sub-lease from MacRoberts.
The sub-lettings have been secured on the back of a decision by MacRoberts to split the second floor space into four suites to match the most active size bracket in Edinburgh’s office market. The deals mean that the this floor is now 60% occupied.
JLL and BNP Paribas Real Estate acted for MacRoberts. The acquiring agent for QMPF was Ryden, while Begbies Traynor was represented by Eddisons.
Craig Watson, director at JLL in Edinburgh, said: “Given the shortage of small suites in Edinburgh and the fact that 85% of market activity is under 5,000 sq ft, we have reacted to current demand and successfully sub-let two suites, off plan.
“Pre-letting two small suites can often be challenging. The fact that these deals have been secured so quickly underlines the shortage of small open plan suites in central Edinburgh.”
According to JLL’s office research for Q1, in excess of 283,000 sq ft was transacted between January and March in Edinburgh, a 34% increase in occupier activity compared to the same period last year, but down slightly on 2015’s final quarter figure of 330,000 sq ft.