More activity expected
Edinburgh office market to pick up after steady year
Capital Square is currently under way
Edinburgh’s office market is expected to pick up after a steady year of activity in 2019, according to property consultants JLL.
Approximately 650,000 sq ft was transacted over the year, 5% short of the ten year average, and as predicted, behind 2018’s final take up which hit 1 million sq ft.
Political uncertainty, a lack of choice, and growing rents all had a slowing effect in 2019 according to JLL, which believes the market will be more active in 2020 following a decade of doubt.
Ben Reed, director in the Edinburgh office, said: “Occupiers were certainly more nervous about short term economic prospects in 2019 due to Brexit and the General Election.
This type of uncertainty has been commonplace in Scotland over the past decade. It can knock confidence which is unquestionably bad for business. This led to many relocation decisions being put on hold in 2019.”
The number of office requirements logged in 2019 was equal to the number logged in 2018, however the number of viewings had dropped by over 35%, suggesting occupiers were testing market conditions but not serious about progressing a relocation.