Edinburgh workplace take-up shifting in constructive path – Knight Frank

EDINBURGH’S workplace market is ‘shifting in a constructive path’, as extra organisations realise the advantages of getting a hub for employees post-Covid-19 pandemic, in accordance with Knight Frank.

The impartial industrial property consultancy says that is regardless of a dip in take-up throughout the summer time.

Knight Frank discovered there was 103,409 sq. ft. of workplace area taken up in Edinburgh metropolis centre throughout the third quarter of 2023 – down 14.7% on the identical interval final yr.

Take-up for 2023 to date has reached 431,407 sq. ft., with one other 331,500 sq. ft. of necessities nonetheless available on the market.

The Lonon-based Knight Frank says that new Edinburgh developments comparable to New Clarendon on George Avenue and 30 Semple Avenue will present area for occupiers

There may be at present no new Grade An area accessible for occupiers in Edinburgh metropolis centre.

Edinburgh’s greenest workplace constructing, 30 Semple Avenue, is the one Grade A scheme at present on website and never set to finish till Q3 2024.

There was a powerful stage of exercise within the vitality and expertise, media, and telecommunications (TMT) sectors, representing 30% and 17% of exercise respectively.

Vitality firm Enoda secured 14,641 sq. ft. at Quartermile 3, whereas software program developer Addepar took 9,180sq. ft. at Quartermile 1 in two of the largest offers of the quarter.

Simon Capaldi, workplace company companion at Knight Frank Edinburgh, mentioned: “Occupiers are beginning to perceive that there’s a actual want for some type of workplace area post-pandemic.

“On the similar time, they want to use it differently – for instance, having extra collaboration area or utilizing their area as a metropolis centre hub.”

Simon continued: “The flight to high quality continues, with the main target for many occupiers on securing best-in-class area with sturdy ESG credentials.

“There’s a sturdy need from occupiers to maneuver and full their leases shortly, which is driving demand for fitted area that may scale back lead in occasions and preliminary capex outlay.

“Nonetheless, the limiting issue for leasing exercise within the metropolis is the supply of fine high quality area,” he added.

“An actual bottleneck of excessive commonplace provide is rising – occupiers should watch for the completion of latest developments…to get the sort of area they’re more and more in search of.”

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