Take-up drops, but rents remain robust and demand continues to outstrip supply during an unprecedented 12 months. Edinburgh’s office market continues to be "highly resilient" following a challenging 2020, with demand remaining strong, according to Knight Frank. The commercial property consultancy found that 490,585 square foot of office space was transacted over 12 months, despite the Covid-19 restrictions keeping many at home. The figure compares to 650,000 square foot in 2019, representing a drop of around 24.5%. Baillie Gifford’s 280,000 square foot pre-let at The Haymarket - announced last July - provided a boost for the city, bouncing back from a record low of 15,000 square foot of take-up in the height of lockdown in the second quarter. A new headline rent of £37.50 per square foot was also set for Edinburgh city centre despite the uncertain backdrop, rising from £35.50 in 2019. Knight Frank's analysis suggested that rents had generally remained steady, with anticipated downward pressure from ‘grey’ space - previously occupied accommodation re-introduced to the market - yet to materialise.

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