Three of the biggest city centre deals in the UK helped deliver a record-breaking quarter for commercial property take-up in Edinburgh.
Figures from real estate advisory business GVA reveal the capital saw a staggering 175% increase in take-up over the five-year quarterly average, totalling 432,350 sq. ft.
Peter Fraser, director of business space for GVA in Edinburgh, said: “Edinburgh has had an exceptional quarter and has massively outperformed all other regions in the UK in terms of sq. ft. take-up. Pleasingly there has also been inward investment transactions among the large deals, with Australian financial services firm taking 41,000 sq. ft. of space at the newly refurbished Edinburgh House, North St. Andrew Street.
“The activity hasn’t just been restricted to the city centre, with an 82% increase on the five-year average in out-of-town deals too. This represents an increase from 63,962 sq. ft. to 116,265 sq. ft. and the biggest out-of-town deal saw Standard Life take 31,355 sq. ft. at South Gyle Broadway.
Glasgow has also seen a surge in take-up, up 52% on the five-year quarterly average, from 90,400 sq. ft. to 137,040 sq. ft. Police Scotland let 27,760 sq. ft. at Inchinnan Road, Paisley in the quarter’s third largest out-of-town deal in the UK.
Alison Taylor, senior director of business space for GVA in Glasgow, said: “There’s been a steady churn of activity across all requirement sizes throughout the quarter with total take-up bolstered by a 40,800 sq. ft. deal to The Student Loans Company.”