fbpx
Edinburgh To See Office Space Shortage

Edinburgh To See Office Space Shortage

21.08.19

Edinburgh’s growing popularity as a tourist destination is creating a looming shortfall of office space in the city, according to Knight Frank.

The property consultancy said an increasing number of office to residential conversions combined with a lack of commercial development could create a shortage of business space in the coming months.

According to Knight Frank’s Edinburgh 2019 report, 720,000 square feet of secondary office space has been converted through change of use applications.

Meanwhile, lack of development land is hindering the delivery of new office space, the firm said. According to Knight Frank, 338,000 square feet of prime space is due to be completed by the end of 2021, of which 35% has already been let.

Knight Frank said annual take-up of grade A space has averaged more than 220,000 square feet in recent years and that a balance needs to be struck between provision of residential and hotel uses and development of office space if the city is to protect its status as a business location.

Alasdair Steele, head of Scotland commercial at Knight Frank, called for Edinburgh City Council and private sector partners to find ways to ensure suitable city centre sites are used for office development.

“The supply of office space is reaching perilous lows and rents continue to rise for space in Edinburgh’s core,” said Steele.

“At the same time, the city’s population is growing at a robust rate and, combined, these pressures are taking space from the business community at an unsustainable rate.

“In time, this could prove to be a chokehold on the city’s growing companies – particularly those which would normally come out of serviced accommodation or incubators.

“Typically, they would look to take Grade B space, but with just 220,000 square feet. available in the city centre – only a third of what’s available in Glasgow – there is little to choose from.”

Abode Affiliates

  • Alleyne Real Estate
  • Blevins Franks
  • Coldwell Banker
  • Crane Resorts
  • The Hideaways Club
  • Monaco Real Estates
  • RDO
  • Rosemont Consulting
  • St Francis Links
  • Unique Home Stays
  • Yoo
  • Worldwide Dream Villas
  • Cyan International Properties
  • Enigma Yachts Limited
  • Cornerstone Tax Advisors
  • Lida Cucina
  • Pedini London
  • Alexander James
  • Wings
  • Moore Stephen
  • Ibiza Transit Express
  • Oyster Yachts
  • Jumeirah
  • Wall Street Luxury
  • Heron Real Estate
  • Edenhurst
  • MG&AG
  • Gama Property
  • Touch Design Group
  • St Edward
  • Ultra Villa
  • Luxury Italian Living
  • Habitat First Group
  • BDO
  • 7Storeys
  • Smart Currency Exchange
  • Strutt and Parker
  • Prestige Architects
  • Worldwide Property
  • Panorama
  • Dimora
  • Dominic McKenzie Architects
  • The Coastal House
  • Chamonix Ski Chalet
  • Luxe Caribbean Properties
  • Harry Manning
  • Smart Living
  • Isle Blue
  • MAS Marbella
  • London Fractions
  • QTD
  • Page Architects
  • Millgate
  • Jersey Finance
  • guernsey-relocations-logo
  • viberts-logo
  • b-williams-management
  • kpmg-logo
  • author-interiors
  • Wilkinson Beven
  • BoConcept
  • Ante Vrban
  • Experience Invest
  • Move 2 Gozo
  • Deborah Garth
  • Extex
  • You home
  • Ra Shaw Designs
  • Caudwell Collection
  • eastwood private client
  • accanto-interiors
  • Fritz Hansen
  • capital-rise
  • jarrods-staircase
  • neil-davies-logo
  • Tina Shone Group
  • Taplow riverside
  • Aimo
  • ns-ceramics-logo
  • Rusk
  • Consilium Expert Group
  • Ben Krupinski Builder

Enter your dream destination