Property round-up

Strong capital office take up | Trio of tenants for Onyx

A strong third quarter for take-up has helped the Edinburgh office market defy the economic gloom, according to analysis from Knight Frank.

The property consultancy found that 121,236 sq. ft. of office space was transacted in Edinburgh city centre between July and September, a strong bounce back from the previous quarter’s 50,834 sq. ft. and in line with the 121,403 sq. ft. registered during the same time last year. 

Office take-up has historically tended to be lower during the summer months due to holidays, but there is a significant amount of pent-up demand for quality office space coming onto the market from the Covid-19 pandemic period, Knight Frank said.

The largest transaction of the quarter was Anderson Strathern securing 21,446 sq. ft. at Capital Square on a 15-year lease.

Energy equipment company Enoda secured around 8,500 sq. ft. at Quartermile 3.

A strong July to September meant Grade A supply continued to dwindle. However, Knight Frank noted that more ‘grey space’ – where tenants sub-let unused space – had begun coming onto the market.

Onyx secures three tenants

Ryden, Montagu Evans and Empiric are moving into the Onyx building in Bothwell Street Glasgow following a £5m refurbishment by CEG last year.

Ryden is taking the 2,295 sq ft ground floor suite, Emperic 1,798 sq ft on the first floor and Montagu Evans 1,798 sq ft on the second floor.

JLL and Ryden are appointed to market the building

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