Technology sector is target market
One Lochrin Square opens for business
Guests last night attended a launch party at one of Edinburgh’s swankiest new office addresses.
One Lochrin Square in the Fountainbridge area is the only self-contained building of its size expected to reach the market for the next 12 months.
The 64,000 sq ft of Grade A block over five floors opened its doors to a mix of lawyers, designers and architects.
Daily Business was invited to take a tour of the building – owned by UBS Asset Management – ahead of the official announcement on Monday.
The six-month project saw UBS undertake a speculative ‘defurbishment’ on the building’s ground floor – a new property trend which provides stripped back, attic-style office accommodation to attract TMT occupiers.
Such a finish is commonplace in London but has never been delivered in Edinburgh.
Located in the heart of Edinburgh’s Exchange District and beside National Cycle Route 75, the redevelopment has placed a major emphasis on the provision for cyclists with secure storage and extensive new gymnasium-style showers in the basement.
A number of companies have already lodged their interest, with the first tenants expected to be confirmed in the near future.
Overall office vacancy in the city centre market stands at 4.8%, unchanged on 12 months ago and primarily due to an increase in Grade B space over the course of 2016.
The pressure on good quality immediately available space continues to tighten with the Grade A vacancy rate standing at 0.5% – less than one year’s stock.
Toby Withall, office agency partner at Knight Frank, said: “Grade A product is fast diminishing and occupier interest is increasing.”
Craig Watson, director at JLL Scotland said: “An open plan finish has never been speculatively delivered before in the city.”
Photo: (left to right): Toby Withall, Knight Frank; Ben Clark, UBS Asset Management (UK); Ben Reed, JLL