Capital’s office supply plummets again

Ben Reed
Ben Reed
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Office supply in Edinburgh has reduced for seven consecutive quarters.

The shortage of new development has contributed to the decline in supply, which was revealed in research by property firm Jones Lang LaSalle.

In the third quarter of 2011, 152,000 square feet of office space was taken up by businesses, which was down by 12 per cent on last year.

Total take-up for the year now totals 492,000 square feet, compared to 561,850 sq ft at this point of last year.

Ben Reed, director at Jones Lang LaSalle, said: “Supply levels are continuing to diminish with only Site HI at Morrison Street due to complete in quarter one of 2013. Due to the steady decline in grade A city centre space a number of larger corporates with lease expiries or breaks from 2013 onwards are actively starting to review their options.

“In west Edinburgh it has been a different story, with a noticeable fall in the number of viewings.”