Signs of pick-up
Covid creates mixed outlook for office demand
One of the biggest lettings of the quarter was Baillie Gifford’s planned new HQ at Haymarket
Office take-up in the third quarter in Scotland’s biggest cities remained mixed as senior figures in the sector insists there remains plenty of demand for space despite the home-working phenomenon.
New figures from CBRE show demand in Edinburgh at the highest it has been since Q2 2018, helped by the largest ever pre-let deal recorded in Edinburgh, Baillie Gifford’s new HQ at Haymarket.
It recorded 315,977 sq ft of office space transacted, a 135% increase from the same period in 2019 and 73% up on the five-year average.
This brings the total take-up for 2020 so far to 473,483 sq ft, which is just 4.7% down on the same period in 2019, bringing levels more in line on a year-on-year basis.
Angus Lutton from CBRE in Edinburgh commented: “Whilst we expect there to be more challenging conditions in the last part of the year, encouragingly, new requirements are being brought to the market and viewings are taking place again as companies resume searches which had previously been placed on hold.