Office market occupancy rates hit high

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The Edinburgh city centre office market has reached its highest level of occupancy since 2007, according to a report by commercial real estate services company Colliers International.

Within the centre, occupancy rates topped 89.2 per cent, as a result of an additional 266,833 square feet becoming occupied in last 12 months.

Despite an annual decline of 18 per cent in take-up across the Edinburgh Central Business District, a shortage of new supply has enabled the market to see an increase in occupation and corresponding drop in vacant space.

Patrick Hannay, head of offices with Colliers International in Edinburgh, said: “These findings are good news for Edinburgh, which has succeeded in attracting new occupiers, such as Virgin Money and Amazon. However, it is unlikely we will see a significant uplift in Edinburgh city core rents during the course of 2012.”